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Facebook unveils Libra, its long-awaited cryptocurrency project

Facebook unveils Libra, its long-awaited cryptocurrency project

The company's Libra coin will be backed by an independent foundation and is expected to launch next year.

On Tuesday June 18, 2019, Axios wrote:
After nearly a year of speculation, Facebook has finally unveiled its plans to create a cryptocurrency, which will be called Libra and debut in 2020.

Why it matters: With more than two billion users, Facebook is arguably better positioned to roll out a global digital currency than any other company, government, or organization. That's also a source of concern over how much influence Facebook will hold over the new currency, given the company's history of amassing power and its record of privacy controversies.

Facebooks connection to Libra will be as a member of the governing foundation and as the maker of a digital wallet, called Calibra, for sending and receiving the currency.

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