Libra could shift monetary clout to private companies: Facebook co-founder

Facebook’s planned 2020 launch of Libra will mark a paradigm shift by taking the cryptocurrency concept mainstream. The Libra will be backed by a basket of assets.

By enabling fast, seamless cross-border transactions and micro-payments, it could substantially reduce transaction costs and address the needs of the unbanked. Facebook has a user base of over 2 billion and it has signed up some of the biggest names in financial services to join the new initiative. While FB will back the initiative through its subsidiary, Calibra, the currency will be managed by an independent foundation, ...