In the last couple of years, cryptocurrency emerged so massively that the value of the most popular currency Bitcoin increased up to 14000 USD which was unbelievable. This dramatic change in the value diverted the trends of overall global investment markets. Keeping in view this much growth many other cryptocurrencies launched with time and Facebook did the same recently.
Facebook has recently announced its own cryptocurrency by name of Libra. For this initiative Facebook is not the sole owner and other organizations like Libra Foundation, Uber and Visa has also invested a reasonable amount in this project. Facebook has also launched a wallet by the name of Calibra Wallet through which all transactions will be handled. Libra will be a direct competition to PayPal and will be much easier to set up. Soon businesses will be able to register to accept payments.
There are millions of sellers using Facebook to sell their products and through Libra, this will be more convenient and easy to pay and get paid. According to Facebook, the number of founding members will reach up to 100 by the time of launch as many other corporations will be partnered to get the benefits globally. Libra will have its own value and people will be able to buy Libra coins according to the value of their currency. In the result of that purchase, the amount will go to the Libra reserve and non-physical coin will be issued through Calibra Wallet.
It is expected that Libra will be the evolution of cryptocurrency as they are looking forward to giving ease of transactions globally. Through Libra, we will be able to spend cryptocurrency using a secure and credible platform which was never possible before. Now the question is how Pakistan will be able to join the party. Last year State Bank of Pakistan banned all cryptocurrencies in Pakistan due to several issues. It is expected that maybe cryptocurrency may be legalized by December 2019, only in that case we will be able to use Libra locally.