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Facebook unveils Libra Cryptocurrency

Facebook unveils Libra Cryptocurrency

Facebook unveiled plans for a new cryptocurrency called Libra that the social media giant hopes will one day trade on a global scale much like the US dollar.

The new currency will launch as soon as next year and be what’s known as a stable coin - a digital currency that’s supported by established government-backed currencies and securities.

The goal is to avoid massive fluctuations in value so Libra can be used for everyday transactions in away that more volatile crypotcurrencies, like Bitcoin, haven’t been.

Libra is the culmination of a year-long effort to devise an easy way for Facebook users to send and receive money through its messaging services.

What is the future?

To come anywhere close to matching the US dollar for utility and acceptance, Libra will need to be widely trusted.

So Facebook and its partners are mimicking how other currencies have been introduced in the past.

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