Libra: A tool for China’s 5G data war?
In the ongoing data war Libra is a global digital currency and financial infrastructure that has been developed by Facebook and other members of the non-profit “Libra Association”! but unlike conventional cryptocurrencies like bitcoin, Libra is going to be a stable coin – and not a volatile one – backed by a reserve of real […]
In the ongoing data war Libra is a global digital currency and financial infrastructure that has been developed by Facebook and other members of the non-profit “Libra Association”! but unlike conventional cryptocurrencies like bitcoin, Libra is going to be a stable coin – and not a volatile one – backed by a reserve of real assets e.g strong fiat currencies including Dollars, Euro etc.
Hence, one should not be expecting Libra to be 1 dollar today and hikes up to 5 dollars tomorrow, no, it will be stable and non-speculative in nature.
Libra’s wallet (where one holds his Libra coins – a Libra acct sort of) shall be the Calibra. It will be integrated into WhatsApp and Messenger apps and will also be available as a standalone app. It going to be in such a way that you can send me money peer-to-peer just like you can send me an emoji on WhatsApp.
Libra is expected to be launched in the first quarter of 2020 and going to aim at banking the unbanked. Once launched, you can use Libra to shop on online stores like eBay, pay for music services on Spotify, pay your transport fare on Uber , send Libra coins to any destination in the world just with a click and even exchange it for FIAT CURRENCIES!
Already, Facebook has a user base of more than 2Billion, what of WhatsApp? A Billion?
With such an easily accessible and affordable digital financial service system, how many people would like to join the digital financial space by signing up for Facebook?
The establishment of Libra and Calibra will unarguably result in an influx of data even though Libra’s management is going to be decentralised and financial data as stated by the Calibra team will not be shared with Facebook or any third party without user consent, but come on, they still have to operate within America’s jurisdiction and cyber laws.
So, is this a rather subtle approach to fighting back China in this “Data War”?
Abdulhaleem Ishaq Ringim wrote from Zaria [email protected]