‘Facecoin’ is hereFacebook has unveiled its ambitious and hotly anticipated plan to create an alternative financial system built on a cryptocurrency named Libra, Mike Isaac and Nathaniel Popper of the NYT write. • As with Bitcoin, software developers can build digital wallets and other services on top of Libra. • Unlike Bitcoin, it will be directly backed by government currencies like the dollar or euro, so it won’t fluctuate wildly in value. • To acquire Libra digital tokens, which will be dispensed through a new Facebook subsidiary called Calibra, people will probably have to show government identification. That makes it unappealing for illegal activity.

Source: International New York Times June 18, 2019 10:07 UTC