News 18 June 2019
Author: Courtney W

Facebook Set To Launch New Currency ‘Libra’

18 June 2019

A new cryptocurrency has just been unveiled by Facebook which they hope will rival the U.S. dollar.

Named Libra, the new currency has been backed by 28 companies and will be launched by Facebook on its apps WhatsApp and Messenger.

Facebook have said users will be able to make payments through its own apps – as well as payments firms such as PayPal, Visa and Mastercard – and the currency will be accepted by other companies such as Uber, Spotify and more in the future.

A video which announced Libra states: “Technology has made always everything more accessible, except money.

“1.7 billion are unbanked. That’s 31 percent of the global population. For those who do have access, transfers are slow.”

In addition to providing a more accessible cryptocurrency, Libra also has plans to improve the current digital currency system.

Libra is set to be launched officially in 2020.