Novi, the Facebook-planned digital wallet will also be accompanied by a new stablecoin which will be called “Diem.”
Libra is supposed to be a global digital currency backed by a basket of fiat currencies, including the US dollar.
If Libra becomes a payment network, some argued the consumer won’t see much difference when using it versus using currently existing payment systems.
Shopify argues that while online commerce has become increasingly borderless, it is easy to forget that mode of payment and value exchange are problems not solved everywhere.
Mark Zuckerburg stresses that the Association will lead the efforts for Libra and not Facebook.
With 1,500 companies expressing their intention to join the project, Libra Association said around 180 of these have met the criteria.
Facebook is keen to make its cryptocurrency project Libra secure and as such, it launches a bug bounty program that will pay security researchers up to $10,000 in rewards.
Dozens of Facebook pages and groups seem to mislead the public, claiming they are the official accounts of Libra, Facebook’s upcoming cryptocurrency.
Mr. Jameson Lopp, an expert in cryptocurrency and blockchain examines the 26-page technical document describing how Libra works.
The BSP is not keen on launching its own cryptocurrency despite the announcement of Facebook’s launching of the Libra cryptocurrency.