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June 18, 2019The Facebook cryptocurrency will be called Libra, is based on blockchain technology and should be launched in 2020. The CEO, Mark Zuckerberg, announced it in a post on the social media. Electronic money will be managed by a non-profit, the Libra Association, which includes companies that will use "Libra for its services". At the moment there are 27, including Mastercard, PayPal, PayU, Stripe, Visa, Booking, eBay, Lyft, Spotify, Uber and Coinbase. The goal, explained Zuckerberg, is to reach one hundred at the time of launch. "Libra's mission is to create a simple global financial infrastructure that enables billions of people around the world."

The services operating on Facebook, Messenger and Whatsapp (and in the future also as a digital wallet in itself) involving Libra will be managed by a new subsidiary, Calibra. "It will be regulated like any other payment service provider and any information shared with Calibra will remain separate from the information shared with Facebook." "We aspire - explained Zuckerberg - to make it easy for everyone to send and receive money just like using our apps to instantly share messages and photos.

Zuckerberg has defined the blockchain at the base of Libra as "decentralized": "It means that it is managed by many different organizations instead of one, making the system fairer. It is available for all those who have an Internet connection and has costs and fees low. And it is protected by encryption ". The new electronic money, explained the CEO of Menlo Park, "can have an important positive impact on people's lives because it is not necessary to carry cash or pay commissions". An element that "is particularly important for people who do not have access to traditional banks or financial services. At the moment, there are about a billion people who do not have a bank account but have a mobile phone."

At the beginning, it is precisely this world that Calibra will address: "It will allow Libra to be sent via smartphone at low or no cost. Over time, we hope to offer more services for people and businesses, such as paying bills with a click, buying coffee or use public transport without having to carry cash or the metro card ". In the launch post, Zuckerberg also focuses on "privacy and security", described as pillars of "every phase" in the development of cryptocurrency. "Calibra will have a dedicated team of experts who will work to prevent fraudulent use of Libra." In the event that users are victims of fraud, Facebook "will offer refunds". Before the launch "there is still a lot to do and learn". "This - concluded Zuckerberg - is the beginning of an exciting journey".

Iliad is also one of the founders along with Facebook of the Libra Association which aims to create a global cryptocurrency with minimal transaction costs. The Association "will be responsible for facilitating the development of the Libra Blockchain and the management of the Libra Reserve", explains a note. Vodafone is also one of the founders in the tlc section.