Facebook on Tuesday announced plans to launch its own digital coin called “Libra” which the tech giant says will become the new global currency.

On schedule for a launch in the first half of 2020, the social media giant says the cryptocurrency will be run independently by a group of partner companies and charities called the Libra association.

The currency has the backing of some 35 partners, including nonprofits, online commerce and finance firms, and major venture capital firms.

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