Cryptocurrency is on fire. A lot of people have come to learn the benefits of using digital coin. Even regulators, legislators, and all other governing bodies from around the world are recognizing the rising popularity of cryptocurrency. Even Facebook has recognized the trend, thereby giving rise to Facebook Libra cryptocurrency.
 
Facebook’s cryptocurrency plans have gotten mixed responses from politicians, regulators, and nonprofits. A lot of these people and organizations have concerns about this new and very ambitious project from the social network. Even the president of the US is not sure about it and states that it has little dependability or standing.
 
The Senate banking committee is set to have a hearing about these plans from the social network. These politicians intend to examine the proposed digital currency carefully. This meeting will allow these legislators to voice all of their concerns because they sure have plenty. As a matter of fact, senators are taking a close look at Libra before its official announcement.
 
Despite all of these ongoing hearings from the Senate and the House of Representatives, it is vital that you know the basics and how Facebook Libra works.
 
One of the most common concerns about Facebook Libra cryptocurrency is why the social network decided to have their digital coin. For starters, Facebook does not own this cryptocurrency. It is a project of the Libra Association, in which Facebook is a co-founder. This association will serve as the monetary authority for this cryptocurrency. According to Libra, the purpose of creating this digital coin is to empower billions of people. In numbers, they count these people as 1.7 billion adults who don’t have bank accounts that can now use this cryptocurrency.
 
However, before Libra, Facebook has already set its interests in digital coins. About four years ago, the social network came up with a virtual currency named Credits. It was established for Facebook users to make payments on the games they played on the social network. According to Mark Zuckerberg, the CEO of Facebook, sending money online should be as quick and easy as sending your photos online. Facebook Libra cryptocurrency is designed to make it cheaper and more accessible for people to transfer their money online, even without bank accounts. This feature is another enticing way for Facebook to attract new users into the social network.
 
In the coming months and years, Facebook still has a lot in store and even bigger plans for Libra. For instance, they have a new subsidiary named Calibra, that will serve as a wallet in the initial rollout of the cryptocurrency.