Libra will be based on the blockchain technology on which other cryptocurrencies are based as well. You do not even need a Facebook account to use Libra. The project is grandiose. It involves Facebook’s new subsidiary Calibra which will have its own cryptocurrency wallet of the same name.

Libra will be fully governed by the independent Libra Association supported by the largest technological corporations like Visa, Mastercard, PayPal, Uber, Lyft, Coinbase and others. Libra should be available some time next year.

The Calibra digital wallet will enable its users to transfer funds to each other. The customers will access their wallet through a new, independent iOS and Android application or via the Facebook Messenger or WhatsApp service.

While Calibra focuses only on basic transfers of funds, Libra is planning to expand its services to enable its customers to pay their bills and buy products and services, e.g. coffee or tickets for public transport. The customers will also be able to send funds to their friends. While they send Libra, the application will display its value in the local currency.

Libra wants to explicitly address people who have no access to a bank account. Globally, there are some 1.7 billion people like that. “For many people around the world, even basic financial services are beyond reach: almost half of the global adult population has no active bank account. In this respect, people in developing countries are in the worst situation,” says Calibra.

From among payment giants, several NGOs, including Creative Destruction Lab, Kiva, Mercy Corps and Women’s World Banking, also joined the Libra Association. In its services, the Calibra corporation wants to comply with all the anti-money laundering regulations and with all the laws in force.