HomeEditorial CommentWhat is the future of Facebook Libra in Africa?

What is the future of Facebook Libra in Africa?

For decades, Facebook has been known as the most credible, efficient, and extremely visited popular social media platform. With a tremendous active user-base of 2.80 billion, Facebook has gone through a series of phases since ever its existence on the internet. But this article is about the extremely hyped digital currency – Facebook Libra that has rumors to get launched in January of 2022.

Following the incredible success of cryptocurrency, Facebook remains no behind in launching its own independent and lucrative digital asset that will soon do wonders in the whole world. The news has definitely been a surprise to everyone but it has remarkably interested everyone among Africans who are acknowledged to have the highest digital crypto currency use with Big Money Rush.

Facebook neither needs fame nor publicity for this soon-to-be billion-dollar cryptocurrency. But, its 139 million population of Facebook users will be huge alone in Africa will definitely be a plus point for Facebook Libra. Africa is already on cloud nine when it comes to extensive crypto use and whopping profits in the continent. Considering this, Facebook was pretty hopeful of the instant popularity this digital currency will acquire among the young, tech-savvy Africans.

As per the reported features of Facebook Libra, this digital currency will be a major help in smoothing the flow of all the small to large scale e-commerce businesses in Africa. Not only it will be a major help in sending money across the globe but also serve as an incredible alternative to western union and MoneyGram that costs comparatively high remittance service fees.

With that said, here are some excellent pieces of evidence that will ultimately prove why Facebook Libra will be the future of Africa.

  • Security Risk:

As per everyone’s knowledge, cryptocurrency is extremely regulated by the government of Africa. From paying high taxes to notifying the government of every crypto use, cryptocurrency traders in Africa are facing a hard time these days. However, Facebook Libra is predicted to serve as a major store of value yet a secure way of transacting money all across Africa. This idealized notion of Facebook Libra will hopefully be protected from all security risks and scams that the majority of crypto traders face today.

  • Online use: 

As a digital currency, Facebook Libra will solely be optimized online for buying and selling things online. Unlike the popular crypto exchanges, you won’t have to pay high remittance fees to use Facebook Libra. Moreover, it will also be more easily approachable and acceptable than cryptocurrency. As a result, you would be able to use the digital asset locally such as in Grocery stores, supermarkets, shopping malls, car services, food chains, etc. This is a major chunk of the information that Facebook has revealed about its digital currency.

  • Wallet: 

As famous, cryptocurrency is secured in safe and protected crypto wallets that most of the time offer amazing security to its users. However, storing your hard-earned money in crypto wallets can sometimes be a nightmare for you in case of missing, losing, or damaging your cryptocurrency. In contrast, Facebook Libra will be stored in secure Calibra wallets that you can use through any of your social media apps. As per its white paper, Calibra is a well-known subsidiary launched by Facebook to manage all the dealings and secured payments of Facebook Libra.

  • Efficiency:

Facebook has amazing long-term plans with this global digital currency that is right around the corner. Through this platform, Facebook wants to offer relief to people who need fast and efficient transactions without going through a series of steps. Also, this digital asset will serve as a more private, immediate, and global decentralized platform that anyone can use even with less capital to invest.

Conclusion:

In short, we can’t vouch for Facebook- Libra credibility as it has not launched yet. But, one thing we’re sure of is that it will definitely be a long-term investment for those looking to shift cryptocurrency. For the time being, it seems to be an incredible money-making source that will empower billions of people by building a strong financial infrastructure globally

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