Headlines and perspective: Facebook cryptocurrency

Facebook is planning to launch a cryptocurrency, run by the nonprofit Switzerland-based Libra Association in 2020, backed by some of tech’s biggest names. The focus is on financial inclusion for all.

How it Works

1. The Libra Association – an independent not-for-profit organization created by Facebook and based in Geneva – mints the currency and distributes it through authorized sellers.
2. A consumer downloads a digital wallet from Calibra, then purchases Libra from an authorized seller’s site.
3. With Libra, the user can make an online purchase, such as a subscription to Spotify, one of the corporate partners of the currency.
4. Spotify then exchanges the Libra for dollars via a reseller, who then sells the currency back to the Libra Association.

 

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