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Facebook takes on the world of cryptocurrency with 'Libra' coin

Facebook Libra
Facebook unveiled plans Tuesday for a new global cryptocurrency called Libra [Photo, Reuters]

Facebook unveiled plans Tuesday for a new global cryptocurrency called Libra, pledging to deliver a stable virtual money that lives on smartphones and could bring over a billion "unbanked" people into the financial system.

The Libra coin plan, backed by financial and nonprofit partners, represents an ambitious new initiative for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.

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