Facebook (NASDAQ:FB) is set to launch a cryptocurrency in 2020, it was announced on Tuesday.
The currency, which is set to be called Libra, will be available for use on Facebook apps such including WhatsApp and Instagram.
It will be stored in a digital wallet named Calibra, which is set to be available as an App next year.
Facebook said the currency will be aimed at the 1.7 billion individuals without a bank account.
However, concerns have been raised over data privacy and the security of the currency.
Facebook said that Libra will be managed independently by the Libra Association. The group includes MasterCard, PayPal, eBay, Spotify, Uber and Vodafone.
Stefano Parisse, group director of product and services at Vodafone, commented on Libra: “As a Founding Member of the Libra Network, Vodafone will extend its commitment to digital and financial inclusion by supporting the creation of a new global currency and encouraging a wide range of innovative financial services to be developed through its open-source platform.
“This has the potential to be truly transformative and will benefit those who have never used, or are struggling to access, financial services around the world.”
Last week, Facebook announced it was expanding its presence in the UK, with the creation of 500 new tech jobs in the capital.
The social network said it will create new jobs focusing on Artificial Intelligence, as it looks to address personal safety and security across its various apps.
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