When Facebook unveiled Libra, company executives said they hoped it would become a new global currency and the foundation for an alternative financial system. The goal would be that Libra would enable digital payments, with companies such as Uber and Spotify taking the cryptocurrency as payment for car rides and online subscriptions. Facebook announced Libra with 27 partners, including Mastercard and Uber, and said it hoped to have 100 by next year. Financial regulators, many of whom have been hesitant about cryptocurrencies, will need to sign off on the design. Yet the partners themselves have shown some hesitancy about Libra, and Facebook has faced the blowback over Libra on its own.

Source: International New York Times July 10, 2019 18:58 UTC