Facebook Announces Libra

Earlier this week, Facebook released details of its new cryptocurrency, Libra. With a public launch set for 2020, Libra is backed by more than a dozen companies, including Visa, MasterCard, Western Union, PayPal, Stripe, and Uber. Having invested at least $10 million USD to fund development of the coin, each backer is part of the Libra Association, an independent entity of founding members tasked with governing the coin. Libra will be what is known as a stable coin, backed by a basket of government currencies to offset volatility.

This is the first major operation by a large, multinational platform to develop its own digital cryptocurrency, not to mention an accompanying programming language. As founding backers pursue businesses' acceptance of Libra for payment and even provide customer rewards, Libra's growth is newly elevating the "crypto" conversation in both profile and potential long-term economic significance. Watch how this conversation unfolds, not only in the U.S., but also in nations like India that have historically remained hostile to Bitcoin and other cryptocurrencies.