Facebook has unveiled an ambitious plan to launch an attack on the global financial system by creating a new cryptocurrency to be known as Libra, a payments system powered by blockchain and a digital wallet, as a precursor to moving into lending.
Facebook's digital wallet, to be named Calibra, will be integrated into its Messenger and WhatsApp applications, and be available outside its communications platforms via a smartphone application that will allow users to send money as if they are sending a text message.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
