Facebook announces its own cryptocurrency

Facebook’s announcement of its own digital currency has been met with scrutiny by international regulators.

The currency called Libra will allow billions of Facebook users to make financial transactions, internationally, without an exchange rate.

A standalone app would allow you to make transactions with the cryptocurrency, as well as on WhatsApp and Facebook Messenger.

This is expected to come into effect as early as next year.

Former Facebook Australia and New Zealand CEO Stephen Scheeler tells Ross Greenwood Facebook is looking at their long term future.

“If you’re an incumbent bank you would be probably a little worried… but I think as consumers this is a good thing.

“What Facebook is trying to do is bring better tools to those businesses and those consumers so that they spend more time in Facebook’s ecosystem.

“The places it’s really focused on is the developing world.”

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