Facebook plans its own currency for 2 billion-plus users

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SAN FRANCISCO (AP) — Facebook is launching a new digital currency to make e-commerce accessible to more people around the world.

The social media giant is announcing Libra, a cryptocurrency it is creating with more than two dozen partners including Uber, PayPal, Visa and Spotify.

The digital currency will be backed by a reserve of existing currencies from around the world likely including the U.S. dollar, the euro and the yen.

PARIS, FRANCE – JUNE 18: In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France. Facebook will announce Tuesday, June 18 the details of its cryptocurrency, called ” Libra “. Like bitcoin, the best-known virtual currency, it will rely on blockchain technology. This universal currency must allow its users to buy products or services from the Facebook universe, which also owns Messenger, Instagram and WhatsApp. It will also be possible to transfer “Libras” between individuals. Several companies like Visa, MasterCard, PayPal and Uber have already joined the consortium created by Facebook. (Photo by Chesnot/Getty Images)

PARIS, FRANCE – JUNE 18: In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France. Facebook will announce Tuesday, June 18 the details of its cryptocurrency, called ” Libra “. Like bitcoin, the best-known virtual currency, it will rely on blockchain technology. This universal currency must allow its users to buy products or services from the Facebook universe, which also owns Messenger, Instagram and WhatsApp. It will also be possible to transfer “Libras” between individuals. Several companies like Visa, MasterCard, PayPal and Uber have already joined the consortium created by Facebook. (Photo by Chesnot/Getty Images)

PARIS, FRANCE – APRIL 03: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed on April 03, 2019 in Paris, France. Bitcoin is an electronic money that has seen an incredible increase in 2017, its price has reached 20,000 euros. But, while cryptocurrency has been trading for some months around 3200 to 3500 euros, it has risen to 5000 euros since yesterday. According to one analyst, this move would be linked to a single buyer who would have passed a colossal order to make up the course. (Photo by Chesnot/Getty Images)

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Facebook’s long rumored currency will launch to the public early next year. It is likely to spark privacy concerns with people who are wary about giving Facebook more information about themselves.

But Facebook says it will keep financial data secure and separate from its social media sites.

Libra will be governed by a nonprofit made up of the founding companies and non-governmental organizations.

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