Facebook is going ahead with Libra. Would it change the future of online payments?
What is the future of facebook libra?
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Facebook’s Libra is a type of digital currency or in other words, it is a cryptocurrency. The unique attributes of Libra would be that it would transfer instantly to any part of the world with no fee or charges. That implies that it would be much higher popularity than the traditional currencies.
Libra is developed by using the same principles as of Bitcoin. However, Libra would have more stable value than Bitcoin, which would be pegged/based on major international currencies, for example, the US dollar and euro.
Libra can easily get the recognition but initially will struggle with regulations.
There is more growth potential for libra than other cryptocurrencies. Even traditional currencies are now digital but bank imposes hefty charges for cross borders. Therefore, Libra will be quickly acceptable by both retail and business customers.