RATE Group | Year in a word: Libra
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Year in a word: Libra

25 Dec Year in a word: Libra

Posted at 10:31h in Cryptocurrency News by

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Libra

(noun) 1. Sign of the zodiac represented by a pair of scales
2. Origin of the abbreviation for pound
3. Facebook’s cryptocurrency

The forces polarising society politically and economically continued in 2019. But one development seemed to unite almost everyone: distrust of Facebook’s global cryptocurrency-based payments system, Libra.

After months of speculation, it was revealed in June that Libra would be a blockchain-distributed stablecoin backed by the most secure currencies and distributed across a founder network of 28 groups, including payments companies, ecommerce groups and venture capital firms.

A Facebook-exclusive company, Calibra, headed by former PayPal boss David Marcus, would manage a digital wallet providing access to the system, with a mission to help the world’s unbanked. Facebook promised user data would not be gathered to target advertising or be resold “without customer consent”.

But the project encountered stiff resistance from…

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