Facebook announces Libra changes: The wallet will be more inclusive

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Mar 4, 2020
Updated: Mar 11, 2020
  • Facebook's upcoming Libra wallet will add support for fiat currencies as well.
  • The wallet, known as Calibra, was originally meant to house Libra and allow users to store, send, receive, or spend their coins.
  • Now, however, in order to appease the regulators, Facebook has announced adding support for some of the traditional currencies, as well.

Facebook seems to be ready to change its plans regarding the expected release of its long-awaited cryptocurrency, Libra. When the company originally introduced the coin, it stated that it would be a simple global currency that could reshape the global economy.

It was not long before the regulators took notice and started to interfere, quickly discovering that the company lacks quite a few answers regarding its upcoming coin. While the regulators did try to stop the progression of Libra, or at least slow it down and delay the launch as long as possible, the development is still moving forward.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

However, in order to appease regulators, gain even more support, and provide some much-needed stability to the plan, the company announced that it will also offer support for government-issued currencies like EUR and USD in its wallet, Calibra.

In other words, the Libra wallet will be crypto and fiat-friendly, and fully prepared for Libra’s expected release in Q4 2020.

The wallet will reshape the financial industry

According to what is known, Facebook will likely try to release both, the wallet and the coin in October of this year. Meanwhile, Calibra will allow users to receive and send money, make purchases, or simply store the funds within, including fiat and crypto.

With nearly two billion of the world’s population using Facebook, expanding the basket through the inclusion of fiat currencies will make Calibra not only available but also attractive to those interested in more traditional payment systems, as well. Anyone who as WhatsApp or Messenger installed will be able to send funds across the world with a single tap of a button.

However, lawmakers still seem to be concerned, as Facebook presented Libra as a way of bypassing the global financial system, entirely. They attempted to convince the firm to fill the wallet with support for existing coins, such as BTC, rather than to try and create Libra, among other solutions.

The suspicion of Libra was just as strong in Europe, although Switzerland was open to cooperation with Libra Association, making it one of only a few countries to support the project. However, many choose to view Libra’s difficult start as a response of central banks, which are slowly but surely learning to accept that cryptos are the new reality of the financial world.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money