Facebook unveils new ‘currency’

Mark Zuckerberg
Mark Zuckerberg
Anthony Quintano

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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