Facebook is expected to unveil details of an ambitious plan to create a new global crypto-currency. A white paper outlines the plan for the new global currency. It will be the social network site's entry into the lucrative financial services market. The currency is called Libra. It is aimed at the millions of people around the world who have no bank account. Libra will let people send and receive payments anywhere in the world with very low fees. The banking will be done online via Facebook-owned apps. The 2.7 billion users of Facebook and WhatsApp will have access to Libra.
Analysts say Libra is like the Bitcoin crypto-currency. A big difference is that Libra will be more stable. It will avoid the huge fluctuations in value that Bitcoin experiences. Libra will be backed up by a basket of major currencies, including the dollar. It will also have the backing of multi-national companies like Mastercard and PayPal. Libra could revitalize Facebook's fortunes. A finance company said: "We believe [Libra] may prove to be one of the most important initiatives in the history of the company, to unlock new engagement and [generate new] revenue streams."