Facebook is creating a new open-source digital currency called Libra. The goal is for developers to create services for consumers to send money around the world easily and for free. Payment companies like Visa, Stripe and PayPal will help merchants accept Libra
The Libra’s value will be pegged to a basket of major currencies, it will be able to handle large transaction volumes and 28 other big firms say they will join a consortium backing the currency. If Facebook’s 2.4bn users adopt Libra to shop and transfer money, it could become one of the world’s biggest financial entities.
Facebook promises to make life easier and cheaper for billions of people where by people transfer money to friends and firms within a chat app for almost nothing.