For some time now there has been a rumor in the tech world that Facebook is going to bring their own cryptocurrency. With that rumor, Tekbaje “Facebook is bringing their own cryptocurrency?An article was also published under the title. Finally, after all the rumors, Facebook announced its own cryptocurrency. Mark Zuckerberg himself posted details about Libra in a huge status on his Facebook profile.

Of course, Facebook is not developing this new cryptocurrency alone. Instead, along with 26 other big companies in the world of tech and finance, Facebook is building an organization called Libra Foundation who will work on the development of this currency. And since Facebook is the main initiator of this project, Facebook is forming a subsidiary company called Calibra as part of their group which will create various services for this electronic currency called Libra only.

This monetary system will work in blockchain method. Facebook has said that they are bringing this currency by 2020. According to Mark Zuckerberg, the monetary system will be of great benefit to ordinary consumers. They do not have to carry any cash. He wants people around the world to use their mobile phones as an alternative to any type of bank account.

Next year, they are going to add all Libra services to Messenger and WhatsApp. There will also be a separate mobile app for this. According to Zuckerberg, sending or receiving money via Libra is as simple as exchanging pictures with Messenger.

Several companies, including Visa, MasterCard, PayPal, eBay, Lift, Uber, Booking, are already developing Libra Mudra supported services. It is expected that many more companies will be involved in this project soon.

Details: libra.org