NEWS COMMENTARY

Facebook to launch a digital wallet called Calibra in 2020

Published:
July 02, 2019
Coverage:
Digital Transformation More...
Activities:
Product
by Miraj Mainali
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Facebook's Calibra claims to enable even unbanked users to purchase, send, and spend a digital currency called Libra, which, unlike cryptocurrencies like Bitcoin and Ethereum, is a nonpublic and fully decentralized payment system. Libra uses a permissioned blockchain and allows only a few trusted members of its association to keep track of the ledger and mine the currency – similar to how central banks create and keep records of fiat currencies. However, this ambitious venture from Facebook will likely fail due to nontechnical issues that blockchain fails to address related to public trust and regulations like know your customer (KYC) and anti-money laundering (AML), which significantly drive up the costs of financial transactions.

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