Facebook unveils new ‘currency’

Social media group plans to “reinvent money” with payment system backed by liquid reserves

Mark Zuckerberg
Facebook chief 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 a clear-cut crypto asset, Libra will run on a system similar to a blockchain, without being fully decentralised, and it will be backed by a “reserve” of liquid assets.

It will be governed by an organisation called the “Libra Association”, based in Geneva, which Facebook claims will “strive to be a neutral, international

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