Backed by Facebook: Small toy figures are seen on representations of virtual currency in front of the Libra logo in this illustration. — Reuters
READERS have asked with increasing frequency: What’s Libra? Isn’t Libra like SDR or Bitcoin? Can I buy Starbucks coffee with Libra?
Here goes. Facebook revealed on June 18 plans for a new global digital currency, backed by a reserve of strong assets and supported by more than two dozen companies (ranging from Visa and Mastercard to Paypal, Lyft and Spotify), bringing the heft of the world’s largest social network to transform financial services.
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