Facebook to announce cryptocurrency Libra next week; backed by Uber, Paypal

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US-based social networking company Facebook is all set to launch its much-talked about a cryptocurrency called Libra next week. The social media giant has also managed to bring in over a dozen financial and internet service firms as its backers. Facebook has signed up companies including Visa, Mastercard, Stripe, Paypal and Uber as its backers.

Each one of the companies will put ₹70 crores ($10 million) to fund the development of the cryptocurrency, according to a Wall Street Journal report. The report further explained why the investment for the backers would be important as they will also be benefitting from the collaboration.

Set to be announced on June 18 this year, the full-fledged launch program is scheduled for 2020. Facebook will be looking to exploit the Indian market as its one of the largest market for the social media firm with more than 300 million users in the country. Facebook will allow peer-to-peer transactions eliminating banks from the chain.

However, Facebook may have to deal with some regulatory aspects. Reserve Bank of India has restricted entities from providing services in the virtual currency to any business or individual. Though there is no existing law that prohibits users from exchanging digital currency, Facebook said it will initially work under the ambit of the rule. Facebook will unveil its plan for the widespread rollout of the cryptocurrency.

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