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Facebook to launch bitcoin digital currency rival

Video credit: Reuters - Business (Amazon FireT
Published on June 18, 2019 - Duration: 01:18s

Facebook to launch bitcoin digital currency rival

Facebook plans to launch a cryptocurrency called Libra next year as part of its wider efforts to expand beyond social networking into e-commerce and global payments.

Conway G.

Gittens reports.

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Facebook to launch bitcoin digital currency rival

Facebook wants to get into a new line of business...cryptocurrencies.

The world's biggest social network announced Tuesday plans to roll out a digital coin called Libra, which it hopes to have up and running in the first half of next year.

Facebook has set up a network with 28 partners, including Mastercard, Visa, PayPal and Uber, to launch Libra and a digital wallet called Calibra that will allow users to spend the digital coin through Facebook Messenger and Whats App.

But there are already privacy and safety concerns linked to Facebook's attempt to try to go beyond social networking and move into e-commerce and global payments.

Its track record is far from stellar when in comes to protecting consumer data and privacy, drawing outrage from politicians, regulators, consumer groups and privacy advocates...and now it wants to play a role in a part of consumers' lives that needs to be the most secure - financial transactions.

How global regulators will respond is not yet clear.

But this plan could bolster critics who say Facebook with its more than 2 billion users worldwide is too big and should be broken up.

Investors, however, like Facebook's push into digital money, and sent the stock higher in Tuesday trade.

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