ZuckBucks? Facebook’s Empire Now to Have Its Own Currency

NewsBusters | 6/18/2019 | Staff
AavyAavy (Posted by) Level 4
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Facebook has long banned any use of cryptocurrency on its platform. Now all that has changed — because Facebook is doing it.

The company launched a subsidiary called Calibra on June 18, which will oversee Facebook’s new cryptocurrency, known (tragically) as Libra. Facebook also partnered with Visa, Paypal, and Uber to help manage the cryptocurrency. It claims Libra will be managed by a third party. Calibra will be a sort of digital wallet, to help users spend the cryptocurrency.

Announcement - Facebook - Companies - Libra - Network

In an announcement, Facebook said that it was joining with 27 other companies to create the Libra network, which will be launched with the cryptocurrency in 2020. The announcement stated, “We are committed to working with policymakers to make sure this new ecosystem is a value-add to economies and that citizens are protected.”

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