Facebook CEO Mark Zuckerberg is expected to unveil of an plan for his company to create a new global crypto-currency. A white paper outlines a plan that is designed to create a global currency. It will represent the of the social network site into the financial services market. The crypto-currency is called Libra. Facebook said it is aimed at the of people around the world who cannot get a bank account. Libra will allow people to send and receive anywhere in the world with fees. The banking will be done online via the of Facebook-owned apps. The 2.7 billion users of Facebook and WhatsApp will have to the Libra crypto-currency.
Analysts say Libra has some to the Bitcoin crypto-currency. However, a major is that Libra will be a more stable and will avoid the wild fluctuations in value that Bitcoin has experienced. Libra will be backed up by a of currencies, such as the dollar, euro and yen. It will also have the of major multi-national companies like Mastercard, PayPal, Spotify and Uber. The new crypto-currency could revitalize Facebook's . The finance company RBC Capital Markets said: "We believe [Libra] may prove to be one of the most important in the of the company, to unlock new and [generate new] revenue .
