Libra is the name of a global cryptocurrency that will be available to the users of Facebook, as well as their other platforms, and it can be used for online and physical purchases at grocery stores and restaurants, according to Forbes. “Our cryptocurrency will be a stablecoin whose value will be tied to other fiat currencies,” according to a statement by Facebook.
It is not decided on whether Facebook will share the interest from the currency with their Libra users, but economic analysts believe that it is highly likely that the fruits of their labor will be shared in an effort for Facebook to avoid being called out by the media and the public. “Just imagine how critics will have a field day shouting ‘corporate welfare for Facebook’ if Facebook and its partners simply pocket all of that money gained from interest,” wrote Caitlin Long in her article called What Facebook’s Cryptocurrency Means: 6 Predictions. Facebook plans to announce further details on June 18th.