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Facebook plans its own currency for 2 billion-plus users

4 years 3 months 1 week ago Tuesday, June 18 2019 Jun 18, 2019 June 18, 2019 4:45 AM June 18, 2019 in News
Source: Associated Press

SAN FRANCISCO (AP) - Facebook is launching a new digital currency to make e-commerce accessible to more people around the world.

The social media giant is announcing Libra, a cryptocurrency it is creating with more than two dozen partners including Uber, PayPal, Visa, and Spotify. The digital currency will be backed by a reserve of existing currencies from around the world likely including the U.S. dollar, the euro, and the yen.

Facebook's long-rumored currency will launch to the public early next year. It is likely to spark privacy concerns with people who are wary about giving Facebook more information about themselves.

But Facebook says it will keep financial data secure and separate from its social media sites. Libra will be governed by a nonprofit made up of the founding companies and non-governmental organizations.

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