06 September 2019

Libra is set to launch in 2020

US social media giant Facebook has unveiled plans to launch a new cryptocurrency called Libra.

Set to launch in 2020, Facebook said users would be able to make payments with the currency via its own apps, such as messaging service WhatsApp. 

It added that firms such as Uber and Visa were also likely to follow suit and recognise the digital currency as legal tender.

However, concerns have been raised about how people’s money and data will be protected, as well as over the potential volatility of the currency. 

Facebook said Libra would be independently-managed and backed by real assets, and that paying with it would be as straightforward as texting. 

It is the latest foray by a tech giant into the payments sector, after Google Pay, Apple Pay and Samsung Pay – although none of those services are currently related to cryptocurrency.