Facebook announces plan for “Libra”

This new currency is expected to generate more e-commerce on Facebook services and boost ads on its platforms. Libra can be spent using Facebook's own Calibra wallet that will be built into WhatsApp, Messenger and its own app. 27 companies have confirmed as Facebook's partners in the project, including Ebay, Uber, Visa and MasterCard.

Facebook's ambitious bid is to create a global digital currency that promotes financial inclusion and a global payment system that can operate on smart devices. According to experts, Libra has the potential to change the global financial system.