Facebook’s Crypto Libra Coin Doesn’t Require KYC

The much-talked-about cryptocurrency of Facebook titled Libra is in the news again thanks to the release of its whitepaper yesterday on 18th June 2019. Not only the release has created a buzz among the crypto community, but it has also sparked off many discussions on the internet, especially on Twitter.

Changpeng Zhao, the Founder, and CEO of Binance, also took to the micro-blogging site to share his opinions on the decentralized digital currency of Facebook. According to CZ, Facebook’s crypto coin will not need any regular KYC, short for Know Your Customer, details such as name, phone number, address, or id. That’s because the company already has a lot more information than that about its user base of 2 billion people. The company knows your friends, family, interests, likes, as well as your historical and real-time location data. CZ playfully said that Facebook knows you more than you know about yourself.

And now as the firm is launching their crypto next year, along with the wallet, they will know about your wallet as well, quipped Binance CEO. CZ’s tweet garnered a lot of attention with 10 thousand likes, more than 3 thousand retweets and over 800 comments.

While fans were reacting to his tweet, CZ surprised them with a special Ethereum and Bitcoin giveaway in which he said was a way to promote safer and more traditional methods. The beginning of CZ’s tweet was a clear declaration for all the crypto enthusiasts that they really do not need Libra as they already have everything.


Other than CZ, many others expressed their opinions on the Libra crypto, for example, Peter Todd, who is an applied crypto consultant.

It must be noted that Facebook published its whitepaper on Libra and clarified that there is no compulsion of having a Facebook account to utilize the Libra coin. Apart from that, the social network giant also announced the launch of the Libra blockchain and Calibra, a digital currency wallet built on the Libra blockchain that will let users send, save and receive Libra coins. The wallet will be available in WhatsApp, Messenger, and as a standalone app too.

As Calibra will be a Facebook subsidiary firm, it will be the social networking giant that will handle the Calibra wallet development. The Libra project, on the other hand, is not just Facebook’s but has a backing by the Libra Association based in Switzerland’s Geneva. This Association already has 28 elite founding members including Mastercard, PayPal, Visa, Uber, and Coinbase, to name a few – all of whom will be playing the role of decision-makers for Libra. In fact, this list is only going to increase with a goal to achieve 100 names on it by the 1st quarter of 2020, the time it plans to launch the Libra blockchain.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

Related Articles

Back to top button