Explained: Behind Libra, Facebook’s new digital currency | Explained News, The Indian Express

Explained: Behind Libra, Facebook’s new digital currency | Explained News, The Indian Express

By AP |New York |Published: June 19, 2019 2:20:35 pm

Explained: Behind Libra, Facebook’s new digital currency

Libra will use the same security and record-keeping principles as Bitcoin, the most popular digital currency system today. But unlike Bitcoin, Libra is backed by several traditional financial companies.

Facebook is hoping to keep the libra’s value stable by tying it closely to established currencies. (AP Photo)

Facebook is unveiling a digital currency called Libra as the company seeks to make its ads more valuable by enabling smoother transactions and payments online, particularly among those without credit cards or bank accounts.