Eventually the buzz took the form of reality. On Tuesday, Facebook officially announced their cryptocurrency, Libra. Chief executive Mark Zuckerberg announced the launch of Libra on his official Facebook page.
With Libra, Facebook and WhatsApp users can easily transact and shop with each other. Mark Zuckerberg's company has already signed agreements with more than two dozen companies around the world, including Visa and MasterCard.
Cryptocurrency is also a type of virtual currency, like conventional currency i.e. dollar, pound, money etc. This virtual currency will be launched in 2020 using blockchain technology.
Analysts say that 'Facebook Coin' will be the focus of development in the international market this time. Experts believe that this digital currency of Facebook is going to bring a big change in the banking system all over the world.
Facebook authorities are in talks with various money transfer companies, including Western Union, to make it easier for people to exchange money without a bank account using a digital payment system.
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