SAN FRANCISCO (AP) – Facebook is launching a new digital currency to make e-commerce accessible to more people around the world.
The social media giant is announcing Libra, a cryptocurrency it is creating with more than two dozen partners including Uber, PayPal, Visa and Spotify.
The digital currency will be backed by a reserve of existing currencies from around the world likely including the U.S. dollar, the euro and the yen.
Facebook’s long rumored currency will launch to the public early next year. It is likely to spark privacy concerns with people who are wary about giving Facebook more information about themselves.
But Facebook says it will keep financial data secure and separate from its social media sites.
Libra will be governed by a nonprofit made up of the founding companies and non-governmental organizations.