Facebook has unveiled plans to launch a global digital currency, called Libra, next year. It said people would be able to make payments with the currency via its own apps, as well as on messaging service WhatsApp.
Facebook said Libra would be independently-managed and backed by real assets, and that paying with it would be as easy as texting. The app is particularly aimed at the one point seven billion adults worldwide who do not have a bank account.
However, while the social network says the currency will be global, apps and services that use Libra will need to be compliant with the regulatory regimes in the markets they operate.
While the currency already has the green light to launch in the United States, it is unclear what will happen in places such as India, which has recently clamped down on digital currencies.