Facebook’s plan to revolutionize how money works, and why companies and lawmakers are so worried about it, explained in 30 seconds

Reuters

Libra is Facebook’s attempt to create a cryptocurrency, basically: digital money.

The Libra Association will monitor Libra. The independent non-profit will be based in Switzerland and composed of 100 companies, academic institutions, and other organizations. Currently, the association has 21 members including Uber, Lyft, and Spotify. It has lost seven since members since June, including PayPal, MasterCard, and Visa.

Calibra, a Facebook subsidiary, will serve as a digital wallet for users to send and receive Libra and other cryptocurrencies.