Facebook has formally unveiled its global digital cryptocurrency, Libra. It’ll launch in 2020 with a digital wallet called Calibra, which will allow users to send money to one another as easily as they would a text.
From the beginning, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass.
There may be skepticism based on the social media giant’s history, but Facebook says Calibra is completely secure. The company also stresses that your data won’t be shared with itself or anyone else.
We’ll also take steps to protect your privacy. Aside from limited cases, Calibra will not share account information or financial data with Facebook or any third party without customer consent. This means Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products. The limited cases where this data may be shared reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra.