Tuesday, 15 October 2019 | 05:33 WIB

Facebook Set to Launch Libra Crypto Currency

Facebook Set to Launch Libra Crypto Currency (technocrunch)

JAKARTA, NETRALNEWS.COM -- Facebook is rumored to be releasing a crypto currency named Libra next week.

More than a dozen companies have supported the launching of Libra, according to The Wall Street Journal. These include large banking companies such as Visa and Mastercard, as well as popular online service providers such as PayPal and Uber.

Each company has reportedly invested around US $10 million to fund the development of the crypto currency, and would be part of the Libra Association, an independent group that would regulate digital currencies separate from Facebook.

Meanwhile, TechCrunch stated that the launch will take place on June 18, while BBC News sees the full release in 2020.

Libra is expected to function as stablecoin, which means it will be pegged to a basket of government-issued currencies to limit volatility - usually related to crypto currencies such as Bitcoin.

This is intended to attract countries with a very volatile local currency.

In addition to allowing users to send money through Facebook messaging products such as WhatsApp and Messenger, Facebook hopes that its partnership with e-commerce companies will allow users to directly spend currencies online.

The company is also reportedly looking for vendors to develop ATM-like physical terminals for people to convert their money into Libra.

Again, the disclosure of the Facebook Libra currency should occur on June 18, and is expected to be released in 2020, cgmagonline reported.