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Libra a game changer

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OPINION: The biggest news in the tech world this week was the unveiling of the new cryptocurrency, libra.

The new currency, that's set to launch in 2020, is backed by Facebook, Visa, Mastercard, Uber, PayPal, Spotify and more than 20 other major global brands made up of tech and financial companies, nonprofits and venture capitalists. Each pledging to invest US$10 million (NZ$15.2m) into the project.

Anyone with an entry-level smartphone can get access to the libra cryptocurrency by signing up for a new Calibra digital wallet – this is where a user's libra balance will be banked – and use it to pay for anything from a cup of coffee to buying a new house.

Libra is different from any cryptocurrency that's currently on the market. We've all heard of bitcoin, the cryptocurrency invented by the mysterious Satoshi Nakamoto to combat the financial status quo.

* Facebook's Sandberg says Libra coin is a 'long way from launch'
* Facebook plans to create its own globe-spanning currency - the Libra
* Facebook's currency could be the biggest thing since the internet

The idea was bitcoin would offer people an alternative form currency........

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