Calibra intends to build other services on top of Libra, including, eventually, financial services like lending and investing. Every time someone buys Libra, that money will be deposited into a bank account where it will sit untouched, so that every dollar’s or euro’s worth of Libra will be backed by a dollar or euro in the bank, according to the Libra design documents. Facebook and other companies that have created Libra wallets can encourage new customers by giving them a small number of Libra to get started. You will also be able to buy Libra by transferring money from a bank account or debit card. If Libra works as intended, once customers own Libra, they will be able to send them to any other business or person with a Libra wallet, anywhere in the world.

Source: International New York Times June 18, 2019 09:00 UTC