CURRENT AFFAIRS

Detailed explanation-1: -Facebook announced the launch of digital currency ‘Libra ’ in June 2019, describing it as a global currency and financial infrastructure aimed at creating “a more inclusive financial system.”

Detailed explanation-2: -Libra was a cryptocurrency created by Facebook, renamed into Diem at the end of December 2020 and wound down in January 2022.

Detailed explanation-3: -When Facebook announced Libra, the plan was to create a universal cryptocurrency that could be accessed by digital wallets-all of which would be built on the blockchain, the technology that underpins other cryptocurrencies such as bitcoin.

Detailed explanation-4: -Login using your Facebook account. Follow the instructions on how to sign in using your email or phone number. Open the Novi wallet via Messenger or WhatsApp. Enter your credit card or bank account data to be able to buy Libra Coins.

Detailed explanation-5: -Facebook’s cryptocurrency is no more. The Diem Association-a group Facebook spearheaded to launch the Diem stablecoin-said Monday it will sell its intellectual property and assets to the California bank Silvergate, a go-to firm for the crypto industry.