- Facebook has decided to launch a cryptocurrency called Libra. The currency is designed not to be a speculative asset, like Bitcoin, but a form of digital money backed by a reserve of assets.
- Facebook has also formed the non-profit Libra Association with 27 other partners to oversee Libra and its development. The partnership includes venture capital firms, non-profit organizations, crypto firms, and massive corporate financial, telecommunications, and technology service providers.
- In 2018, Venezuela launched Petro, becoming the first country to officially launch its own cryptocurrency. The petro is intended to supplement Venezuela’s bolivar fuerte (VEF) currency and help overcome US sanctions. Petros are “pre-mined”, meaning the government produces and controls it.
- The Marshall Islands has also decided to launch “Sovereign” (SOV), a cryptocurrency which can be used as a legal tender.
- Crypto currency, is a digital currency. It uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. E.g. Bitcoins, ethereum etc.
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