SAN FRANCISCO/NEW YORK - Facebook Inc revealed plans to establish a cryptocurrency called Libra on Tuesday. It will be run by an association comprised of other corporate investors and non-profit members, with an expected launch in the first half of 2020.
The software will be “open source,” meaning companies outside the association can build applications on top of it. There is a minimum $10 million investment to join, except for non-profit members like financial inclusion group Kiva. The association aims to have 100 members by launch. Executives envision users purchasing Libra through the app either by linking a bank account or, for people without banks, at physical locations like cash transfer businesses and convenience stores.
You can’t trust FB.
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