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Facebook launches global cryptocurrency called Libra

panarmenian.net06/18th/2019, 1:06

Facebook launches global cryptocurrency called Libra

June 18, 2019 - 17:01 AMT

PanARMENIAN.Net - 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.

But with the company in the crosshairs over multiple privacy violations, the move is already attracting scrutiny from financial regulators and privacy advocates across the world. Facebook is currently facing a potential $5bn (£4bn) fine from the US Federal Trade Commiss...

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