Facebook, the popular social network, is lastly geared up to divulge details about its virtual currency, dubbed Libra. Presently, the release of its white paper is planned on June 18th. The white paper will allegedly explain the fundamentals of its native digital asset, as per a source who says multiple investors briefed on the project by Facebook were told that date.
In the meantime, Laura McCracken, the social network’s Head of Financial Services & Payment Partnerships for Northern Europe, told German magazine WirtschaftsWoche‘s correspondent that Facebook’s white paper would unveil June 18th, and that the digital asset would certainly be pegged to a basket of currencies rather than a single one like the United States dollar to avert price oscillations. Kirsch allegedly mentions that she met Laura at Money2020 Europe in Amsterdam on Tuesday after she watched fellow Facebook payments exec Paulette Rowe’s talk. She further added that she wasn’t involved in what Facebook Blockchain team was doing.
Interestingly, day before yesterday, TechCrunch got a request for a June 18th news stoppage from one of the communications managers for social network’s blockchain team. The Information’s Jon Victor and Alex Heath also reported before yesterday that the social giant’s virtual currency project would commence later this month.
The unveiling of Libra or suchlike the social network plans to call it could let loose a new era of commerce and payments for the social network. It could be used to present little or no-fee payments between friends or remittance of earnings to families from refugee workers overseas that are over and over again scratched by money transfer services.