Facebook Is Launching Its Own Digital Currency

June 19, 2019

Move over, Bitcoin: Facebook, in partnership with several other organizations, is creating a digital currency called Libra. The AP reports that its value will be pegged to established currencies such as the U.S. dollar, and that each purchase of Libra will be backed by a reserve fund of equal value held in real-world currencies to stabilize the cryptocurrency’s value. “No single company should operate this,” Facebook executive David Marcus said. “It should be a public good.” I mean, really, what could go wrong?