Libra is the Facebook’s gold name

Facebook launches its own virtual currency. Users can make purchases with it. The cryptomunt will be named Libra and should be available in Messenger and WhatsApp from next year. To manage the currency, Facebook is starting a new branch, Calibra.

Facebook’s plans had come out bit by bit in recent weeks, but details were not yet known.

“Calibra allows you to send Libras to almost anyone with a smartphone, as easily and quickly as a text message and virtually free,” writes Facebook.

The company sees that people will eventually use Libras to pay bills, buy a cup of coffee or travel by public transport.

Facebook promises that the Libra is protected.

“We use the same verification and fraud prevention as banks and credit cards and we have automated systems to detect and prevent fraud.”

The ‘protected’ status means also that Libra is not a crypto in a common sense. It will be centralized, issued by Facebook alone and probably will not freely circulate outside the Mark Zukerberg empire.