With the advancements in technology, our day-to-day life has changed in several ways. The world has become very small as people have various platforms to interact with others via sending texts, pictures, documents, etc.
To make money transactions easier and quicker than before as sending texts and pictures, well-known social media biggie Facebook stepped up with a proposal of making money universal, safe and constant by shaping a platform where people all around the world will have access to similar financial possibilities paved a road for the invention of Libra.
The motive and vision hidden behind designing Libra was to foster a currency that has the capability to bring people together under the same financial roof and improve the living of unbanked people.
- 31% of the world’s population don’t have a bank account, the leftover people who have access to the banking system are worried because of the heavy transaction charges. Approximately the charges are up to 7% to transfer money globally.
- People who are poor and unbanked charges even more higher, they pay $4 extra charges a month for cash access.
- Here, bringing digital financial services closer and easily accessible to everyone will have a huge impact.
- Additionally, it generates $3.7 trillion for the development of the economy and creates 95 million job opportunities.
- It enhances people’s earning capability by 20% and lessens utmost poverty by 22%.
Most of the cryptocurrencies in the market don’t have any constant assets to support them. Hearing to all these theories and huge investments made as a first use case, people invested in these coins anticipating that their price might escalate at the time of resale.
To hold everyone’s attention, Libra is designed to be a currency where common people will also understand the value of Libra today and what it’s going to be in the future.
The Libra Association
Libra is a self-reliant association, this organization does not work for profits and runs with a mission to improve the lives of billions of people across the globe by providing them a global currency and financial infrastructure.
The duty of the Libra association is to bring together all the validator nodes present in the network and try to emerge and safeguard the network and to encourage their collective ideology of financial inclusion.
Check out this infographic to find more information regarding Libra.