Facebook has confirmed its long-rumored plans for a cryptocurrency, to be named Libra and launch at some point next year. It will launch a cryptocurrency wallet called Calibra at the same time …
The social network first attempted to create its own digital currency, Facebook Credits, back in 2010. That never took off, and the company abandoned the project a couple of years later.
This time around, Facebook is taking a different approach. The currency is being created by a non-profit known as the Libra Association, of which Facebook is just one member. The social network will take the lead for now, but the association will be jointly controlled by all members as it gets closer to launch.
CNET reports that Libra already has some heavy-duty backing.
One risk with conventional cryptocurrencies is that their value can fluctuate dramatically, but Libra should be more stable.
Facebook says that its Calibra wallet will also be a safe place to store your Libra currency.
Facebook has aimed to address privacy concerns given its less than stellar reputation in this area.
Do the independent association and privacy safeguards make you feel any more comfortable about the idea? Let us know in the comments.
