Tech

Mark Zuckerberg Unveil New Currency “Libra”

Published

5 years ago

June 19, 2019

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, The Guardian reports.

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.