Facebook’s Cryptocurrency Ambition

ABOUT US

CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

TRENDING: Chinese Companies Usher in Age of Synthetic Meat; AI Startup Plans IPO at Value of at Least $1 Billion — in China; Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks

LATEST: Cathay Pacific CEO Hogg Resigns Amid Hong Kong Protests; Ninebot’s New Scooter Can Drive Itself Back to Charging Stations; Oppo to Unveil New Smartphone With 20x Zoom; Chinese Companies Usher in Age of Synthetic Meat; Record-Smashing Chinese Animation to Get Overseas Releases; WTO to Arbitrate China’s Complaints About U.S. Solar-Cell Tariffs; Vipshop Stock Soars After Q2 Results Beat Expectations; Japan Replaces China as Largest Holder of U.S. Government Debt; Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks; AI Startup Plans IPO at Value of at Least $1 Billion — in China; Alibaba Q2 Revenue Jumps 42%, Beating Estimates But Slower Than Year Earlier; Baidu’s $66 Billion Dive Knocks It Out of China’s Internet Top 5; Beijing Grants Foreign Investors Wider Access to Entertainment Industry; Tencent-Backed Maoyan Turns Profit on Strong Ad Growth; Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules; Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away; Chinese Internet Sector Grows 17.9% Year-on-Year: MIIT; Xiaomi Receives Licenses for Second 5G Phone; Coal Industry Looks to Robots for Increased Safety; No Investor Love for Tencent, Lenovo and Luckin in Latest Reports

By Tanner Brown / Jul 01, 2019 10:01 AM / Business & Tech

Facebook unveiled its crypto currency Libra with plans for wider retail use. Photo: VCG

Facebook threw a bombshell into global virtual currency and financial markets just over a week ago by unveiling its plan to introduce a new cryptocurrency called Libra. It immediately stirred debates over the currency’s technology, use and supervision.

It would start with a huge platform but will face regulatory doubts and management questions.

Read Caixin’s in-depth report on how this could affect the financial world and Facebook’s 2.7 billion users.

Contact reporter Tanner Brown (tannerbrown@caixin.com)

Share this article

Open WeChat and scan the QR code