Bharat Bhise on Why Facebook Chose “Libra”

Bitcoin and cryptocurrency expert Bharat Bhise and other observers may be wondering why social media giant Facebook named their upcoming digital money “Libra.” Supposedly, the company has chosen this name for particular reasons.

According to Facebook, while most people will likely associate “Libra” with the zodiac sign, its roots lie deeper. Supposedly, the name was inspired by how the ancient Romans came upon their currency. In ancient times, Libra is a unit of weight used as a standard in minting coins. Meanwhile, aside from its ancient origins, the word is also associated with the word “Libre” in French, hinting on one major advantage of the upcoming digital money – when used as a form of payment, Facebook says that Libra will have minimal service charges.

In addition, Bharat Bhise also notes that Facebook is saying that “Libra” is appropriate since it depicts the twin scales of justice, which can also represent the upcoming digital currency. The social media company hopes that Libra will make financial inclusion a standard all over the world.

Although Facebook has already announced Libra, the new digital currency is said to still be in its early stages. The company is set to launch the new crypto next year.

Meanwhile, as part of its upcoming entrance to the cryptocurrency field, Facebook is also set to launch its own financial exchange platform that exclusively uses the new digital money. Dubbed as Calibra, the social media company is saying that this platform will be independent of the Facebook app to protect the private information of users. Having Calibra as a third-party app, and not connected to Facebook, means that the financial platform will not share personal or financial data to other parties without permission.

Experts will likely take a closer look at Libra and Calibra once they become official. Follow Bharat Bhise to stay updated and discuss other industry news today!