Facebook has today unveiled plans to launch a new digital currency, called Libra, in 2020.
Its statement said people would be able to make payments with the currency via its own apps, as well as on messaging service WhatsApp.
It’s no secret that Facebook doesn’t have the best reputation when it comes to protecting privacy, but the company says that’s why it helped create the Libra Association. This organisation is intended to oversee the Libra digital currency independently. While the company will get to vote on matters surrounding Libra, it won’t have any more power than other members. The Libra Association, which is said to be based in Switzerland, is made up of 28 companies at present, but expected to have over 100 members by the launch.
Facebook cited that from next year you will be able to buy Libra via its platforms and store it in a digital wallet called Calibra.
You can then send your Libra to other users, it said, “as easily and instantly as you might send a text message”.
Continuing they said “In time, we hope to offer additional services for people and businesses, such as paying bills with the push of a button, buying a cup of coffee with the scan of a code, or riding your local public transit without needing to carry cash or a metro pass.”
Facebook said transactions would be at “low to no cost” to the user, although the firm is expected to take a small commission on payments made through its platforms.
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