Libra Facebook Launches Cryptocurrency
Libra: Facebook launches cryptocurrency in bid to shake up global finance
Digital currency will let billions of users make transactions, but is already facing opposition from US lawmakers amid 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.
Libra could be a welcome lift to Facebook’s profits: analysts are suggesting Libra could be a huge moneymaker for Facebook, arriving as its growth slows.