Facebook has also created a subsidiary called Calibra, which will offer digital wallets to save, send and spend Libras.
Facebook has also created a subsidiary called Calibra, which will offer digital wallets to save, send and spend Libras. The name "Libra" was inspired by Roman weight measurements, the astrological sign for justice and the French word for freedom, said David Marcus, a former PayPal executive who heads the project for Facebook.Facebook shares were the most actively traded across US exchanges in pre-market trading, gaining 2.6 percent to $194.
It is not clear how lawmakers or regulators will react to Facebook making a push into financial services through the largely unregulated world of cryptocurrency. "If Facebook will expose its two billion users to the risks of virtual currencies, this would be a good reason for the European Commission to start work on a proper regulatory framework governing the rules of virtual currencies," he said in a statement.Facebook has engaged with regulators in the US and abroad about the planned cryptocurrency, company executives said. They would not specify which regulators or whether the company has applied for financial licenses anywhere.
Source: Digital Coin News (digitalcoinnews.net)
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