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Facebook Plans Global Financial System Based on Cryptocurrency

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Artist's conception of a Libra cryptocoin.

Facebook plans to launch an alternative financial system that relies on cryptocurrency next year.

Credit: Delcan & Co.

Facebook has unveiled a plan to create an alternative financial system that relies on a cryptocurrency called Libra.

The effort, announced with a range of partners including MasterCard and Uber, will have to overcome concern that Facebook does not effectively protect the private information of its users, and thus cannot be trusted to handle financial transactions.

Facebook plans to launch the project next year in what would be the most far-reaching attempt by a mainstream company to enter the world of cryptocurrencies.

The social media giant hopes Libra will become the foundation for a new financial system not controlled by modern power brokers on Wall Street or central banks.

The new financial system would help Facebook and other U.S. companies compete for financial transactions in developing countries, where WeChat—developed by China's Tencent—already offers a payment system built into its messaging product.

From The New York Times
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Abstracts Copyright © 2019 SmithBucklin, Washington, DC, USA


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