Last week Facebook Inc. announced its newest venture, a blockchain-powered cryptocurrency called Libra. While Libra isn’t scheduled to launch until mid-2020, reaction was swift from a host of international banking regulators. While some have offered faint encouragements, others have reacted more suspiciously over the social media giant’s move into the financial industry.
Facebook isn’t the first well-known company to create its own cryptocurrency this year. In February, JPMorgan Chase & Co. announced the creation of JPM Coin, a blockchain-powered currency equivalent to one U.S. dollar. Unlike most cryptocurrencies, JPM Coin and Libra are backed by fiat currency, but while JPM Coin is only used for transactions between financial clients, Libra’s goal is to become a currency used in global transactions.
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