Facebook Modifying Libra to Offer More Inclusive Digital Wallet Experience

Gurmeet Singh   March 4, 2020

Facebook is coming with lots of new features and algorithms to give a safe and decent user experience. They have decided to modify its new plan of the cryptocurrency Libra in the year 2020.

With the thought of transforming the global economy with the digital currency, the social media giant introduced Libra last year. Their assumption was that the cryptocurrency would be a simple global currency. But the regulators shortly took notice and found the company had to offer more questions than answers as to what the digital currency would be.

Although Libra is still getting good responses, Facebook has decided to propose government-issued currencies like dollars and euros to support its own token. The action seems to be a way to appease reluctant regulators and gain additional support for the plan, still scheduled for a Q4 rollout. After the announcement, several countries have explored minting a digital currency, including Japan, China, and England.

The Launch of new digital wallet “Calibra”

In the recent report issued by Bloomberg, they are going to launch a new company’s digital wallet called Calibra which will carry both crypto and stated-issued currencies.

With the motto of redesigning and rescaling digital wallet features, Facebook is expecting to circulate both Calibra and Libra at the same time, tentatively in the month of October. The users of Colibra cryptocurrency will be able to send and receive money in the form of fiat currency.

Approximately, two billion individuals around the globe use Facebook. Introducing a wallet by including central bank currencies forms makes it workable for anybody to utilize Calibra as an increasingly customary payment system. Any users with Messenger or WhatsApp will be able to send funds across the globe with a single touch.

After the announcement of Libra, some of the corporations oppose the plan:

Moreover, Facebook launched Libra with an aim to transform the global economy with a digital currency. With the broad ambition and plan, it left lawmakers and regulators a question about it. There were lots of unanswered questions raised with the beginning of cryptocurrency.

  • Officials in the United States recommend the company to go for the existing cryptocurrencies like Bitcoin rather than developing its own.
  • Other corporations suggested including stable coins into the basket of the digital wallet to avoid undermining the sovereignty of central bank currencies.
  • The Lawmakers in Germany and France were in the opposition of accepting the cryptocurrency Libra into the EU.
  • Regardless of so much opposition of the Libra, Switzerland corporation supported Libra claiming the currency “fits perfectly into our payment system.”