By: , The Guardian


Digital currency will let billions of users make transactions, but is already facing opposition from US lawmakers amid privacy concerns

Facebook’s Libra launch will extend its global domination

All you need to know about Facebook’s new cryptocurrency

Facebook has announced a digital currency called Libra that will allow its billions of users to make financial transactions across the globe, in a move that could potentially shake up the world’s banking system.

Libra is being touted as a means to connect people who do not have access to traditional banking platforms. With close to 2.4 billion people using Facebook each month, Libra could be a financial game changer, but will face close scrutiny as Facebook continues to reel from a series of privacy scandals.

Related: What is Libra? All you need to know about Facebook’s new cryptocurrency

Related: Facebook’s Libra launch will extend its global domination

A cryptocurrency is a form of digital asset that relies on a peer-to-peer network of users. Sharing many of the features of traditional currencies, crypto assets can be used as a medium of exchange and a store of value for users.

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