Facebook announced an ambitious plan to launch a cryptocurrency named Libra, a new digital currency similar to bitcoin (a way of sending money across borders without incurring significant fees) for global use, one that could generate more e-commerce on its services and boost ads on its platforms.
Libra, is being developed by Facebook, but the company intends to share control with a consortium of organizations, including venture capital firms, credit card companies, and other tech giants.
Libra could also open online commerce to huge numbers of people around the world who currently don't have bank accounts or credit cards. Read the press release
The digital currency is scheduled to launch sometime in the next six to 12 months. Here’s a sneak peek at what the experience of using Calibra will be like: