Finally! Facebook is releasing a white paper on 18 June with all the explanations about its new payment method. There have been rumors for quite some time that Libra, the code word for Facebook’s cryptocoin, would be launched. A source told TechCrunch.
But that is not everything. In the meantime, a financial woman at Facebook would have told a German magazine “WirtschaftsWoche” that the white paper will indeed be released on June 18.
Payment method Libra
It was already known for some time that the American company would come out with a payment method. But now there is a date and a name on it. Libra could make it much easier for Facebook to join the e-commerce cart and thereby allow transactions at lower rates. Libra is also intended primarily for countries where the national currency has no stable value. In addition, as a WhatsApp or Messenger user you can transfer money to each other quickly and easily.
However, Facebook is an internet service and not a bank. The question is how Europe will respond to this and whether the company will therefore have to act as a bank. But Facebook would manage this payment method entirely through a separate foundation to shake off a number of rules and regulators.