You will one day be able to use Libra as payment for online and offline services, Facebook executives say.
At the beginning, the company imagines Libra will be used mainly to transfer money between individuals in developing countries who lack access to traditional banks. Eventually, the goal is to create the first truly mainstream crypto currency: a decentralized global form of payment that is as stable as the dollar, can be used to buy almost anything, and can support an entire range of financial products
Libra is intended to be a global currency that can improve access to the financial system.
Other backers include ride sharing firm Uber, telecoms giant Vodafone and payment firms Visa, Mastercard and Paypal