Facebook unveiled its Libra cryptocurrency on Tuesday, and it didn't go unnoticed by European officials.
It's a so-called stablecoin, meaning it's asset-backed and aimed at holding around a certain value, instead of fluctuating like bitcoin and other cryptocurrencies.
The venture contains many of the hallmarks that often come with a new cryptocurrency, including a white paper laying out the underlying technology and ultimate goal of the project. The white paper hints at the consortium's willingness to work with regulators. "The news comes at a time when Facebook is under intense pressure from regulators, shareholders, and users to address privacy shortcomings," said Aurelie L'Hostis, senior analyst at Forrester.
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