Facebook announces its cryptocurrency Libra in June 2019.

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It is intended for developing countries. The company also plans to develop physical terminals and encourage currency-accepting stores.

Facebook announces its own cryptocurrency in June 2019. It is called Libra and is aimed at "developing countries with unstable state currency". This was reported by the publication The Information, citing sources in the company.

According to journalists, employees involved in the project can choose to pay with tokens for work instead of traditional money. Cryptocurrency will work in several Facebook products, including Messenger and WhatsApp.

In addition, the company is going to create a network of its own physical payment terminals, similar to conventional ATMs. Facebook will also encourage UPS stores to accept bitcoin for payments.

To manage the new cryptocurrency, the social network is looking for partners — together with them they want to make an independent Fund. The company gathered "dozens of financial institutions and other technology companies", which, among other things, should contribute capital to the project.

As noted at The Verge, in the case of a successful launch of the cryptocurrency Facebook can become the largest in the world — the social network is used by 2.3 billion people. According to journalists, the company is working with governments to obtain the necessary permits and creates a system for detecting fraudulent transactions.

The report of The Information also says that mark Zuckerberg has assigned Libra project a high priority of investment. For example, in February, Facebook hired a team from blockchain startup Chainspace to work on cryptocurrency.

Journalists found out that not everyone in the company is delighted with the cryptocurrency project. Facebook COO Cheryl Sandberg and CFO David Weiner expressed doubts during internal discussions.

For the first time about the cryptocurrency Facebook became known in may 2018. Then it was only about internal payments in the social network. In may 2019, the company registered FINTECH company Libra Networks in Switzerland. According to the "BBC", Facebook will launch its own cryptocurrency in 2020, and will begin testing in the summer of 2019.

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