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Facebook will reveal details of an ambitious plan for its new global crypto-currency, named Libra. A white paper will outline the plan. It will be the social network's entry into the profitable financial services market. Millions of people around the world who have no bank account will use it, as well as around 2.7 billion Facebook users. People will send and receive payments online via Facebook-owned apps. The sending fees will be very low.
Analysts say Libra will be more stable than Bitcoin. It will avoid the fluctuations in value that Bitcoin experiences. Libra will be backed by a basket of major currencies. It will also have the backing of multi-national companies like Mastercard. Libra could increase Facebook's fortunes. A finance company said Libra could be one of "the most important initiatives" in Facebook's history. It could bring many new users and "generate new revenue streams".
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