With Libra, Facebook (and a handful of partners) wants to test its power by creating the first global currency in the digital age.
It is the name electronic money imagined by Facebook, and based on a private blockchain.
A website (in French) is dedicated to the functioning of Calibra, the electronic wallet that allows transactions to be carried out. And he leaves no doubt about the ambitions of the project: “Imagine a new global currency on a new international network. “
Calibra will also be accessible via WhatsApp and Messenger
We learn that a stand-alone application will also be available in the App Store and Google Play.
“Sending and receiving money will be as easy as sending a message to loved ones or to businesses. »Indicates the site.
A foundation, also called Libra, established in Switzerland, brings together the 28 founding members of the project, including Calibra, the Facebook affiliate, to lead the initiative.
Iliad, Free’s parent company, is the only French company. Each member has paid a minimum ticket of $ 10 million which gives them access to a node (server) of the Libra blockchain, which stores the history of all transactions.
According to les Echos, the round table is not closed. The goal is to have around a hundred partners, chosen by co-option, when Libra goes live. Some candidates were said to have failed.
“Libra is built on the Libra Reserve, a collection of currencies and other assets that serve to secure every Libra created, to build confidence in its intrinsic worth. Says Calibra.
This notion of the value of the Libra is totally unclear at the moment and will be one of the sticking points of the project, in particular because the central banks will have their say on the process which ensures the value of this new currency. , as virtual as it is.
“The first version of Calibra supports person-to-person payments as well as a few other payment methods, such as QR codes that small businesses can use to accept payments in Libra. Many other payment methods will be supported over time, including in-store payments, integrations into point-of-sale systems, and more. »We learn.
Will Libra be a currency like any other? A priori yes. »You can convert your local currency to Libra to add money to your wallet and then convert it back when you want to make a withdrawal. When you convert your local currency into Libra (or vice versa), the app will tell you the exchange rate so you know the exact amount you get. »Explains the founders.
We also discover that there will be “cheap and transparent” transaction fees, especially in the event of transfer abroad.
This confirms that Libra is projected as a “real currency”. Another indication of this monetary value: its fluidity.
»You can use Calibra to send money to anyone, anywhere in the world. Calibra is designed for Libra, a new global cryptocurrency. As the value of Libra is stable, you can also keep your money in Calibra and use your account to pay for day-to-day transactions, such as paying for your coffee, groceries or public transport. “
Note that there is nothing to confirm that the value of the Libra would be “stable” given the base of currencies that makes up its valuation. At startup, years it should count in the US dollar, the euro, the pound sterling and the yen.
4 – Launch date?
The Calibra wallet will be available in Messenger, WhatsApp, and as a standalone app in Q1 2020 in a dozen countries.