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

Facebook has unveiled plans for a global cryptocurrency which the social networking giant hopes will provide an alternative to cash, credit cards and bank transfers.

The Libra currency, which is expected to launch in the first half of next year, has been backed by 27 other companies and organisations, including Uber, Spotify, Mastercard, eBay and Vodafone.

It is by far the most heavily-supported and well-resourced effort to take cryptocurrency and blockchain technology into the financial mainstream since its invention more than a decade ago, and represents a major push into financial services from Facebook. So how will it change the way you spend money?

Instantaneous and cheap money transfers…

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