In recent years there has been much talk of crypto currencies. Spectacular has been the growth of Bitcoin in recent years and also its volatility. In parallel with Bitcoin other crypto currencies have appeared on the stage with more or less luck, but moving millions of euros or dollars in their trading. They have also achieved bad fame in some aspects due, above all, to the difficulty of controlling their use and their owners and that has caused them to be used by criminals due to their lack of traceability.
With this background, Facebook has opted to create a new cryptomoneda based on Blockchain called Libra. In reality, it is not a currency developed solely by Facebook, but the company is one of the members of an association that is developing and promoting this new digital currency. The Libra Association is made up of many other actors besides Facebook. Among its 28 founders are payment companies such as Mastercard, Visa or PayPal, technology companies such as eBay, Lyft, Uber, Spotify or Facebook itself and also companies specializing in Blockchain as Anchorage or Coinbase. The intention is that this currency will be supported by more than 100 financial companies in the near future.
Facebook Calibra is the subsidiary with which Facebook participates in the Libra Association. Calibra aims to be the payment solution or digital wallet that will store the new Libra crypto currency. In this way, Calibra will become a payment platform for Facebook, Messenger and WhatsApp. A portfolio connected to the whole world and multiplatform, a portfolio that will allow sending money quickly and will be based on this new digital currency in which it is stated from the beginning that it will not be in the hands of Facebook. The goal is for Facebook and the other companies involved to give their support to the principle, but once the coin has been tossed, to operate completely independently.
Unlike other crypto currencies that have suffered great volatility because they were not backed by any legal tender or alternative resource, Libra will be fully backed by the Libra Reserve, which is a collection of coins and other assets that is used as collateral for each Libra created. This is the way designed so that the new currency does not experience the same problems of volatility that other crypto currencies such as Bitcoin have had.
Calibra is currently under development and is scheduled to become operational in 2020. In spite of this, Facebook and the Libra Association have notified that the project is dragging on in the hope of obtaining all the necessary authorisations, as the announcement of the currency has generated certain fears in traditional banking and in the states themselves.