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