Facebook’s (FB - Free Report) digital currency Libra may be a point of debate among government officials and media but the new venture holds promise with growing adoption of digital payment systems over traditional ones by smartphone users globally.
Notably, the cryptocurrency market is expected to reach $1.40 billion by 2024, at a CAGR of 6.18% between 2019 and 2024, per Markets and Markets report.
Facebook’s cryptocurrency project will reportedly offer its users digital versions of government-backed currencies, including the U.S. dollar and the euro, in addition to the proposed Libra token when it is eventually completed and is ready for launch, per a recent Bloomberg report.
Moreover, Facebook’s Calibra digital wallet, originally slated to launch this summer, will now be launched in October 2020, per The Information report. Calibra’s core money-storing and transfer features are still set to be available on both Facebook Messenger and WhatsApp.
Following months of severe regulatory pressure and political pushback, the Calibra wallet will now support multiple currencies, of which Libra will be one.
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