Facebook cryptocurrency: how Libra will change the way you spend money

The association said it hoped to have more than 100 members by the time the currency is released next year.

Members of the association have invested $10m (£8m) each in setting Libra up, although it is unclear to what extent other companies plan to support it.

Vodafone said it may use the technology to improve its mobile money services such as M-Pesa, which is popular in Africa. Other backers such as Uber, Spotify and PayPal, said they did not have immediate plans to implement the currency on their services.

Governments and security services have voiced fears over cryptocurrencies and their potential to be used for criminal behaviour. The Libra Association said that while transactions would not reveal real-world identities, the exchanges used to buy and sell Libra would work with law enforcement services.

A Facebook coin

Facebook has been swift to emphasis that Libra is not owned or controlled by Facebook, but a group effort between members of the association. The design of the technology behind the cryptocurrency means that it only has one “vote” among the existing 28 members of the organisation when it comes to altering how it operates, for example.

However, the project has been driven by the social network, and it is its most vocal supporter. Last year Facebook set up a special blockchain team run by David Marcus, the former head of the Messenger app and a former PayPal executive. Facebook developers have also written much of the underlying code for the currency.

This content was originally published here.