Facebook will release its own virtual currency called Libra in 2020

According to Facebook's disclosure, this social network is planning to continue entering the global e-commerce and payment market. Specifically, this social network plans to launch a virtual currency called Libra in the first half of 2020.

Facebook together with 20 partners formed the Libra Association to manage the new virtual currency. In developing Libra, these partners also have the same decision-making power as Facebook. The strong support of many large companies and organizations helps the Libra as a stable coin - a stable currency.

And to provide e-wallet for the purpose of storing, sending and spending Libra, the company also opened a subsidiary named Calibra. Calibra and co Libra are connected to Messenger, WhatsApp, Instagram, Facebook platforms and open APIs for third parties to connect so it has great potential.

To buy Libra, users can use their bank account, or even use cash at live service points or 'currency exchange' counters.

With Libra in hand, Facebook is like a digital bank with loan, money transfer, payment, credit services .

This means that Facebook is in possession of all your actions, including where you go, what you do, how high or low you are to make a decision to transfer money to you, give you a loan or not . With the right This data force helps Facebook outperform banks and financial services.

Calibra will have 2 main features including:

1. Keep 'household' money safe and free for users.
2. Allow users to transfer money (payment) to anyone in the world at a very low cost, only a fraction of the cost of international money transfer today.

For Libra, Facebook hopes to help users and businesses transact and provide financial services for the first time to those who do not yet have a bank account. However, it can be certain that social networks will face many difficulties in legal matters.