RATE Group | Factbox: Facebook’s cryptocurrency Libra and digital wallet Calibra
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Factbox: Facebook’s cryptocurrency Libra and digital wallet Calibra

26 Oct Factbox: Facebook’s cryptocurrency Libra and digital wallet Calibra

Posted at 22:23h in Cryptocurrency News by

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SAN FRANCISCO/NEW YORK (Reuters) – Facebook Inc revealed lofty plans to establish a cryptocurrency called Libra in June, but the project quickly ran into trouble with skeptical regulators around the world.

FILE PHOTO: A small toy figure stands on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo

France and Germany pledged to block Libra in Europe and backed development of a public cryptocurrency instead.

Facebook plans for Libra to launch in the first half of 2020 and be run by an association of other corporate investors and non-profit members.

Here are some details:

THE COIN

Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians.

The structure is intended to foster trust and stabilize the price.

Although Libra prices may not always align with the…

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