Facebook has announced it is working on its own currency called Libra. The name comes from the Roman unit measurement for coins.
Those using this currency will be able to trade across Facebook Apps without geographical restriction with very little interest. Facebook has recently released white paper which states “it is Libra’s mission to enable a simple global currency”.
Once purchased, your Libra will be stored in your digital “Calibra wallet” for you to spend: so, virtual money. The aim is to enable users to be able to send money to other Facebook users and pay for items and services just like any other currency.
“Many…woke up today like it was Christmas morning. Facebook finally released the Libra White Paper”. This Paper provides further details about what Libra is and what the introduction of Libra will mean for consumers. Find out more about the white paper here.
Theoretically, Libra to be readily available to be purchased by next year. Cryptocurrencies are not easily accessible as they can only be purchased on certain exchange sites and are therefore not generally relevant to everyday spending. However, with this introduction, it will open this kind of currency up to the 2.83 billion monthly Facebook users to this digital asset.
“The launch of Facebook’s cryptocurrency will go down in history as THE catalyst that propelled digital assets to mass global consumer adoption”
Barry Silbert, Founder and CEO of SecondMarket
Many clients who come to us want to protect their home, money and belongings but do not consider e-mail accounts, social media accounts, loyalty points or cryptocurrencies for example.
With the growing digital age, it is more important than ever to take steps to ensure you can protect all types assets: whether virtual or tangible. It is essential to consider this even if you do not think you have any! With Libra expected as soon as 2020, this digital currency will be a substitute for your usual cash and card transactions and therefore would need to be a further consideration of your estate planning.
If you have any questions about your digital assets, do not hesitate to get in touch with our knowledgeable team on 0800 788 0500 or 0800 788 0508 for an appointment.