Facebook is creating its own digital currency which is expected to launch in 2020.
The social networking company announced on Tuesday they are working with a new non-profit group the Libra Association to launch the currency called Libra.
The currency will initially be backed by Facebook’s expertise but governed by 28 founding partners. These partners include payment firms like Visa and Mastercard, and internet companies eBay, Spotify, and Uber.
Libra, similar to Bitcoin, is also aiming to drive more e-commerce on Facebook’s services and boost ads on its platform.
Facebook says it wants the currency to be available early next year and is hoping users who are already on the company’s services will one day regularly use the currency to buy things or send money internationally.
The project is looking to create a consumer-friendly version of digital currencies to smartphones around the world to create a better way to handle money.
For example, a consumer could buy some Libra using dollars and save them in a digital wallet. That Libra could then be sent to family members through Whatsapp messenger or used to pay a bill in a foreign country without worrying about exchange rates.