Facebook Officially Adopt Blockchain Technology Unveil New Currency “Libra”

 has announced a digital currency called  that will allow its billions of users to make financial transactions across the globe, in a move that could potentially shake up the world’s banking system, The Guardian reports.

 is being touted as a means to connect people who do not have access to traditional banking platforms. With close to 2.4 billion people using  each month,  could be a financial game changer, but will face close scrutiny as  continues to reel from a series of privacy scandals.

It could also be a welcome lift to ’s profits: analysts are suggesting  could be a huge moneymaker for , arriving as its growth slows.

Technology to make transactions with  will be available as a standalone app – as well as on WhatsApp and  Messenger platforms – as early as 2020. It will allow consumers to send money to each other as well as potentially pay for goods and services using the -backed digital currency instead of their local currency.

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Oluwafemi Toslaw -Webmaster, Young Media Entrepreneur, Blogger and Founder NaijaOlofofo Media

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