Facebook unveils new ‘currency’
Social media group says it plans to “reinvent money” with payment system backed by liquid reserves
Facebook has unveiled a new means of payment called Libra, which it describes as a “global currency” with the potential to “reinvent money”.
Neither a true currency nor bearing all the hallmarks of a typical crypto asset, Libra will run on a system similar to a blockchain, without being decentralised in the same way as most crypto assets. It will be backed by a “reserve” of liquid assets.
Libra will be governed by an organisation called the “Libra Association”, based in Geneva, which claims to
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