Facebook has set an ambitious plan to launch a cryptocurrency named Libra, a brand new digital-currency similar to bitcoin (in which you can send money across borders without incurring large fees) for global use, one that will generate more e-commerce on its services and boost ads on its platforms.
Libra, is being developed by Facebook, but the company plans to share control with a host of organizations, including venture firms, credit card companies, and other tech giants.
Libra could also open online commerce to huge audience of people around the world who currently don’t have access to banks or credit cards. Here is a link to the press release.
The digital currency is scheduled to launch sometime in the next 6 to 12 months.