Facebook's digital currency Libra: Why nonprofits are joining (Devex)

From the article:

Facebook, together with 27 partners ranging from Visa to Mercy Corps, has unveiled a new global currency built on blockchain.

The company has been working on Libra for more than a year, but it is distancing itself from directly managing the cryptocurrency. Facebook created Calibra, the digital wallet that will store the currency, as a subsidiary that company representatives said will not be allowed to share financial customer data with other divisions of the company.

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One appeal of cryptocurrency is that it could allow actors to bypass the international correspondent banking system, which generates a lot of the costs and delays associated with cross border transactions, said Michael Pisa, a policy fellow at the Center for Global Development, in an email to Devex.