Facebook unveils global cryptocurrency

Bloomberg
Bloomberg

Facebook announced on Tuesday it is launching its own cryptocurrency called "Libra," in a move aimed at creating a low-cost global payment system available through smart devices.

Libra, described as "a new global currency" and set to roll out next year, is being backed by about 25 partners, including nonprofits and firms in financial services and online commerce.

The new currency is to be supported by real assets and regulated.

It will be available through Facebook's own digital wallet called Calibra and other services, according to Tuesday's announcement.

ZAR/USD
17.00
(-0.09)
ZAR/GBP
21.24
(-0.12)
ZAR/EUR
19.14
(-0.13)
ZAR/AUD
11.81
(-0.13)
ZAR/JPY
0.16
(-0.20)
Gold
1774.74
(+0.03)
Silver
18.05
(+0.01)
Platinum
808.00
(+0.25)
Brent Crude
42.78
(-0.79)
Palladium
1914.01
(+0.62)
All Share
54521.90
(-0.17)
Top 40
50179.89
(-0.26)
Financial 15
10150.02
(-0.64)
Industrial 25
76554.73
(+0.52)
Resource 10
50138.02
(-1.24)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1577 votes
I am taking a hit, but should be able to recover in the next year
23% - 2072 votes
My finances have been devastated
34% - 3092 votes
It's still too early to know what the full effect will be
25% - 2241 votes
Vote