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Rachel Welch

23 November 2022 89 Read Crypto

Facebook's New Cryptocurrency - Libra

Earlier this year, Facebook announced plans to launch a new digital currency called "Libra," but many people are still skeptical about the project's potential. The company has been under scrutiny for breaking a 2012 settlement over its use of data to improve its advertising products. It has also been fined for breaching the privacy of its users.

The goal of Libra is to provide a financial tool for poorer regions, and help connect smartphone users to the financial opportunities available to them. Rather than having to carry cash or use a traditional bank account, the new digital currency will be used to pay for goods and services online and offline. The value of Libra will be pegged to a basket of established currencies, such as the U.S. dollar, euro and yen. The value of Libra will be protected by a reserve fund of equal value held in real-world currencies.