Libra: Facebook launches cryptocurrency in bid to shake up global finance

Tuesday - 18/06/2019 15:28
Digital currency will let billions of users make transactions but is raising privacy concerns


Facebook has announced a digital currency called Libra that will allow its billions of users to make financial transactions across the globe, in a move that could potentially shake up the world’s banking system.

Libra is being touted as a means to connect people who do not have access to traditional banking platforms. With close to 2.4 billion people using Facebook each month, Libra could be a financial game changer, but will face close scrutiny as Facebook continues to reel from a series of privacy scandals.

It could also be a welcome lift to Facebook’s profits: analysts are suggesting Libra could be a huge moneymaker for Facebook, arriving as its growth slows.

Technology to make transactions with Libra will be available as a standalone app – as well as on WhatsApp and Facebook Messenger platforms – as early as 2020. It will allow consumers to send money to each other as well as potentially pay for goods and services using the Facebook-backed digital currency instead of their local currency.

Read More (...)

Source:

 Keywords: Facebook

Total notes of this article: 0 in 0 rating

Click on stars to rate this article

  Reader Comments

Newer articles

Older articles

In Case You Missed it

Advertisement

You did not use the site, Click here to remain logged. Timeout: 60 second