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Facebook announces Libra crypto-currency plans

June 28, 2019  | Subscribers Only

Seth Wallis-Jones Seth Wallis-Jones Principal Analyst, Telecommunications, IHS Markit
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Facebook has taken a leading role in the development of a new, asset backed and stabilised cryptocurrency based on a version of blockchain technology, using a new programming language called Move. With an independent foundation managing the currency, and separation from the company operating the digital wallet, Facebook aims to manage perceptions of privacy and power but Libra will be integral to Facebooks strategy to move deeper into e-commerce. The plan will face significant scrutiny from global regulators and user trust will be critical to success.Facebook has taken a leading role in the development of a new, asset backed and stabilised cryptocurrency based on a version of blockchain technology, using a new programming language called Move. With an independent foundation managing the currency, and separation from the company operating the digital wallet, Facebook aims to manage perceptions of privacy and power but Libra will be integral to Facebooks strategy to move deeper into e-commerce. The plan will face significant scrutiny from global regulators and user trust will be critical to success.

Number of Pages: 9

Number of Tables and Charts: 1

Seth Wallis-Jones

Principal Analyst, Telecommunications, IHS Markit

Seth Wallis-Jones, a principal research analyst at IHS Markit, covers operator strategies for the Service Providers & Platforms team

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