In a report from Finance.Yahoo.com, we find out that “Facebook will support both Libra and the new digital government currencies, with emphasis on the new tokens.
Facebook is backing away from Libra, the cryptocurrency it proposed last summer, for the time being.
Instead, the social media giant will develop several separate digital tokens, each pegged to a different government-issued currency such as dollars and euros.
These new tokens will be available through Facebook’s digital wallet Calibra, which was originally designed to support the Libra token, and users can make transactions and purchases with these tokens using the Calibra wallet. “
Calibra will be available as a standalone app in the App Store and Google Play. You will also be able to use Calibra directly in your WhatsApp and Messenger apps, so you can send and receive money as easily as you message friends, family, and businesses.
You can use Calibra to send money to anyone, anywhere in the world or use it to pay for everyday transactions, like buying a coffee, paying for groceries, or taking public transportation. As for now, the Libra cryptocurrency is pending but this digital wallet will be used for the currency tokens.
This step back is actually a strategic move forward as it is meant to ease the regulators but in the same time to develop the market and generate funds via deposits, currency exchange and commissions.
Step two will definitely be to become a Non-bank financial institution and be able to offer micro-loans based on the transaction history.