Libra: Why Facebook's billion dollar bet on its own digital currency will pay off

Libra’s value will not fluctuate dramatically like Bitcoin’s, nor will it be pegged to the dollar. Instead, its value will be based on a basket of currencies, backed up by real assets

At the start of 2018, Mark Zuckerberg first signalled his interest in cryptocurrencies, digital coins that were designed as money for the internet age.

“There are important counter-trends to [the growing power of big tech companies] - like encryption and cryptocurrency - that take power from centralised systems and put it back into people's hands,” Facebook’s chief executive wrote. 

The launch of Libra, the result of a special blockchain project at Facebook that began a year ago, aims to deliver on that promise. 

The cryptocurrency has been spearheaded by Facebook, and the underlying technology developed by it, and although the social network is positioning itself as just one of the many companies...

To continue reading this article

Start your free trial of Premium

  • Access all Premium articles 
  • Subscriber-only events 
  • Cancel any time

Free for 30 days

then only £2 per week

Access one Premium article per week

We’re glad you’re enjoying The Telegraph
Register or subscribe to continue reading
Already a subscriber?
  • One free Premium article per week
  • Newsletters and daily briefings
30 days free, then £2 per week
  • Unlimited access to Premium articles
  • Subscriber-only newsletters
  • Exclusive subscriber events and rewards
  • The daily newspaper on your smartphone or tablet
Start free trial