Facebook plans its own currency for 2 billion-plus users

SAN FRANCISCO (AP) — Facebook is launching a new digital currency to make e-commerce accessible to more people around the world.

The social media giant is announcing Libra, a cryptocurrency it is creating with more than two dozen partners including Uber, PayPal, Visa and Spotify.

The digital currency will be backed by a reserve of existing currencies from around the world likely including the U.S. dollar, the euro and the yen.

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PARIS, FRANCE - JUNE 18: In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France. Facebook will announce Tuesday, June 18 the details of its cryptocurrency, called " Libra ". Like bitcoin, the best-known virtual currency, it will rely on blockchain technology. This universal currency must allow its users to buy products or services from the Facebook universe, which also owns Messenger, Instagram and WhatsApp. It will also be possible to transfer "Libras" between individuals. Several companies like Visa, MasterCard, PayPal and Uber have already joined the consortium created by Facebook. (Photo by Chesnot/Getty Images)
PARIS, FRANCE - JUNE 18: In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France. Facebook will announce Tuesday, June 18 the details of its cryptocurrency, called " Libra ". Like bitcoin, the best-known virtual currency, it will rely on blockchain technology. This universal currency must allow its users to buy products or services from the Facebook universe, which also owns Messenger, Instagram and WhatsApp. It will also be possible to transfer "Libras" between individuals. Several companies like Visa, MasterCard, PayPal and Uber have already joined the consortium created by Facebook. (Photo by Chesnot/Getty Images)
TOKYO, JAPAN - JUNE 05: In this photo illustration visual representations of the digital currency Bitcoin are seen on June 5, 2019 in Tokyo, Japan. Former Mt. Gox Chief Executive Officer Mark Karpeles held a press conference at the Foreign Correspondents' Club of Japan today. Mt. Gox, once the world largest cryptocurrency exchange, collapsed in 2014 after the hacking of 650,000 bitcoins. Karpeles was arrested in 2015 and held for 11 months without bail on three criminal charges. (Photo by Tomohiro Ohsumi/Getty Images)
A Nepali shopkeeper shows the WeChat app, a Chinese digital wallet, on a phone in Kathmandu on May 21, 2019. - Nepal said on May 21 it has banned popular Chinese digital wallets Alipay and WeChat to prevent the loss of foreign currency earnings from tens of thousands of Chinese tourists. (Photo by PRAKASH MATHEMA / AFP) (Photo credit should read PRAKASH MATHEMA/AFP/Getty Images)
Chinese tourists walk past a QR code for Chinese digital wallets displayed on a street in Kathmandu on May 21, 2019. - Nepal said on May 21 it has banned popular Chinese digital wallets Alipay and WeChat to prevent the loss of foreign currency earnings from tens of thousands of Chinese tourists. (Photo by PRAKASH MATHEMA / AFP) (Photo credit should read PRAKASH MATHEMA/AFP/Getty Images)
HONG KONG - 2019/04/21: In this photo illustration a cryptocurrency electronic cash Bitcoin logo is seen on an Android mobile device with the European Union flag in the background. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)
PARIS, FRANCE - APRIL 03: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed on April 03, 2019 in Paris, France. Bitcoin is an electronic money that has seen an incredible increase in 2017, its price has reached 20,000 euros. But, while cryptocurrency has been trading for some months around 3200 to 3500 euros, it has risen to 5000 euros since yesterday. According to one analyst, this move would be linked to a single buyer who would have passed a colossal order to make up the course. (Photo by Chesnot/Getty Images)
HONG KONG - 2019/04/06: In this photo illustration a cryptocurrency electronic cash Bitcoin logo is seen on an Android mobile device with People's Republic of China flag in the background. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)
MINSK, BELARUS - JANUARY 15, 2019: Employees at work in the Belarus Hi-Tech Park office of Currency com, the firs regulated CIS cryptocurrency exchange, invested by VP Capital and Larnabel Ventures, and launched in compliance with the Belarusian President's decree on digital economy development applying since March 2018. Natalia Fedosenko/TASS (Photo by Natalia Fedosenko\TASS via Getty Images)
HONG KONG - 2018/12/15: In this photo illustration, the British digital banking includes a pre-paid debit card (MasterCard or VISA), currency exchange, cryptocurrency exchange (Bitcoin) Revolut logo is seen displayed on an Android mobile device with a graph showing sharp losses in the background. (Photo Illustration by Miguel Candela/SOPA Images/LightRocket via Getty Images)
CHIBA, JAPAN - OCTOBER 16: An attendant demonstrates using the MUFJ Coin digital currency in the Mitsubishi UFJ Financial Group Inc. booth at the Ceatec Japan 2018 consumer electronics show on October 16, 2018 in Chiba, Japan. CEATEC, an information technology and electronics trade show, displaying latest technologies runs from October 16th to 19th. (Photo by Tomohiro Ohsumi/Getty Images)
HONG KONG, HONG KONG - SEPTEMBER 13: A photo illustration of the digital Cryptocurrency, Ethereum and Bitcoin, are seen on September 13 2018 in Hong Kong, Hong Kong. (Photo Illustration by Yu Chun Christopher Wong/S3studio/Getty Images)
HONG KONG, HONG KONG - SEPTEMBER 04: A visual representation of the digital Cryptocurrency, Bitcoin, and a smart phone with the Cryptocurrency related app Blockfolio is seen on the screen on September 04 2018 in Hong Kong, Hong Kong. (Photo by Yu Chun Christopher Wong/S3studio/Getty Images)
HONG KONG, HONG KONG - AUGUST 21: A visual representation of the digital Cryptocurrency, Litecoin (LTC), Bitcoin, Ethereum (ETH) and Monero (XMR) are seen on August 21 2018 in Hong Kong, Hong Kong. (Photo by Yu Chun Christopher Wong/S3studio/Getty Images)
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Facebook's long rumored currency will launch to the public early next year. It is likely to spark privacy concerns with people who are wary about giving Facebook more information about themselves.

But Facebook says it will keep financial data secure and separate from its social media sites.

Libra will be governed by a nonprofit made up of the founding companies and non-governmental organizations.

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