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Facebook launches new cryptocurrency

June 18, 2019 3:55 P.M. (Updated: June 18, 2019 3:56 P.M.)
BETHLEHEM (Ma'an) -- Facebook and 10s of other companies have announced the launching of a new cryptocurrency through “Libra Association” and “Libra Blockchain.”

Facebook’s cryptocurrency will be funded through “Libra reserve”, which reportadly will provide the currency with stability, regulation of inflation and broadscale adoption and use.

David Marcus, who led the Libra project states that one of the aims of the project is to empower the 1.7 billion people aroud the world who do not have access to bank accounts through a stable currency without any fees.

The launching of the currency comes after two years of scandals relating to Facebook’s mishandling of private information of its users. Facebook has also launched a subsidiary company called Calibra that handles the crypto dealings, so that the users of Facebook do not mingle their private information with their Libra payments. This keeps the buying and selling of Libra pseudononymous.

The Geneva based association is headed by 28 founding companies and non-profits including Visa, Uber and Mercy Corps. Facebook will not fully control Libra, but rather have a single vote in its governance.

The currency is set to fully launch in 2020 as another competitor to Bitcoin, which has risen by 148% this year.

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