Facebook announced Tuesday it is launching its own cryptocurrency called "Libra," in a move aimed at creating a low-cost global payment system available through smart devices.
Libra, described as "a new global currency" and set to roll out next year, is being backed by about 25 partners, including nonprofits and firms in financial services and online commerce.
The new currency is to be supported by real assets and regulated.
It will be available through Facebook's own digital wallet called Calibra and other services, according to Tuesday's announcement.
Follow Emirates 24|7 on Google News.