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Facebook set to launch Libra cryptocurrency

The bitcoin rival is already backed by dozens of companies including Uber, PayPal and Mastercard.

The digital coin will come online in the first half of 2020 if regulators in Switzerland, where the new currency is to be based, give the go-ahead.Facebook has created a management tool it has named Calibra, which will offer digital wallets to save, send and spend Libras. It will be connected to the billion-plus users of the Messenger and WhatsApp platforms as the network expands beyond social networking into the world of international finance.The name was inspired by Roman weight measurements, the astrological sign for justice and the French word for freedom, said David Marcus, a former PayPal executive who is heading up the project."Freedom, justice and money, which is exactly what we're trying to do here," he said.WATCH25:05What does the future hold for cryptocurrencies?The 28 partner companies in the project include household names such as Mastercard, Visa, Spotify, PayPal, eBay, Uber and Vodafone, as well as venture capital firms.