Facebook's New Libra Cryptocurrency Could Solve Travel Payments Dilemma
Skift Take
Cryptocurrency is only in its early days, but already it's easy to see how its mission to democratize the financial system might be co-opted. And do currency reformers really need Facebook, with all of its baggage, leading this Libra effort?
With Visa and MasterCard supporting Facebook's new cryptocurrency initiative, you have to wonder just how disruptive it will be, so get ready for the establishment's version of cryptocurrency.
Facebook on Tuesday announced a digital wallet, Calibra, to support Libra, and the Libra Association, as reported, revealed details and partners involved in the launch of the new digital currency.
Libra, which will be backed by "a reserve of real assets," will collaborate with regulators, and has the support of MasterCard, Visa, Paypal, Booking Holdings, Uber, Lyft, and Spotify, among others.
Libra, which will be set up by the Libra Association and its corporate members, and aims to launch in 2020, positions itself as a responsible cryptocurrency in contrast to the renegades who abhor regulation, although the social network doesn't articulate it in precisely this way. Not that there aren't plenty of scammers in the crypto world.
"Unlike the majority of cryptocurrencies, Libra is fully backed by a reserve of real assets,"
