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ARTICLE · 25 JUNE 2019

Facebook To Launch Its Digital Currency, Libra – Implications For Africa

AELEX
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A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.

NigeriaTechnology
Hannatu Dan-Habu
Hannatu Dan-Habu
Tobiloba Oluleye
Tobiloba Oluleye
Kanyinsola Ojeshina
Kanyinsola Ojeshina
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A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. The currency typically operates using Blockchain technology, which is a system that links a record of ledgers, using cryptography. So, unlike fiat currency, Cryptocurrency is not readily susceptible to theft and does not require long wait periods before transactions are processed.

On Tuesday the 18th of June, 2019, Facebook announced the launch of its Blockchain based Cryptocurrency ("Crypto") called 'Libra'.

What we know about Facebook's LIBRA

Libra is governed by a non-profit called the Libra Association, with a Facebook subsidiary called 'Calibra' being the platform that would release a wallet for Libra tokens and other financial services. Visa, Mastercard, PayPal and Uber are among firms that will invest around $10 million each1 in Libr

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