The Facebook plans to launch its cryptocurrency which aims to transform the present global economy. This currency is named as Libra, and it is being developed by the Facebook, the company also tends to share a control with the consortium of few organizations, which includes the venture capital firms, the credit card companies, and few other giants of the technology industry.

The cryptocurrencyLibra is expected to be launch by Facebook in the first quarter of the next year which is 2020. The Facebook may discuss on more details about the currency in the coming summer, and in the end of 2019, the testing of the currency is expected to begin. This digital currency, which is being referred to as the “Global Coin,” may reportedly be available to a dozen of countries across the world at its launch, the currency is expected to offer the people with affordable and secure payments without the necessity of having a bank account.

The Libra will be sent into the Facebook Messenger and also the WhatsApp at its launch, which is mostly meant to be the intermediary for transferring the conventional currencies. And eventually, the Facebook aims to see Libra being accepted as form of payment, and various financial services are expected to be built on top of the so called blockchain-based network.

This currency may need to overcome the regulatory hurdles along with a numerous technicaldisturbancesbefore it gets launched. Mark Zuckerberg the CEO of Facebook met with the governor Mark Carney of Bank of England’s to discuss regarding the risks and opportunities seen on the planned digital currency. Facebook may also find it hard in India which carries a hostile attitude towards the virtual currencies.

India is also reported to have a key focus towards the new form of currency, where Facebook hopes that it will allow its Indian workers abroad to send the money back home to families by using the WhatsApp.

Facebook also has plans to launching a subsidiary company named Calibra, which helps to develop the products and services that are based on Libra. This is where the Facebook plans to make the money off from cryptocurrency, and this will start by the launch of its own digital wallet called Calibra. The Calibra also handles the integration of Libra for few other products of Facebook.

The announcement of Libra by Facebookmay give it a lofty goals and also to its reputation for disregarding the privacy and exacerbating the immense political along with social issues. It is followed by immediate backlash from the regulators across the world.

The Facebook may also have to face a lot of questions to answer on the currency’s launch in its first half of the 2020.Our friends at MrBTC.orgcomes with a beautiful infographic on – Libra: Cryptocurrency by Facebook (In 5 Minutes), please check the following infographic.