Facebook is set to launch a virtual currency on June 18, 2019.
The currency, called Libra will be formally introduced next week ahead of the official launch which will be done in 2020.
The currency has been structured as a stablecoin, meaning its value will be pegged on a basket of currencies and government securities. This is in an effort to reduce volatility which is a huge problem with cryptocurrencies.
Facebook has established a separate company in Switzerland that will govern the coin. They have brought in companies such as Visa, Mastercard, Booking.com, Paypal, Uber, Stripe and many others which have chipped in 10 million dollars to join the consortium.
The Libra association will function independently of Facebook. The shareholders will all have a say in the running of the coin.
Libra will enable Facebook users to make cash transfers over Facebook messenger and Whatsapp. Facebook will also endeavor to make and distribute Libra ATMs where people can convert cash to Libras and vice versa.