SOCIAL MEDIA GIANT Facebook has announced plans to launch a new global cryptocurrency, which could come into use as early as next year.

The Libra coin – which will be based on the blockchain, like Bitcoin – could soon become a global currency.

Real-world currency will go into a reserve backing the digital money, the value of which will mirror stable currencies such as the US dollar and the euro, according to its creators.

The currency could be used like any other for online transactions and be used in countries where there are barriers to banking or credit.

However, sceptics are concerned at how the new currency will be regulated, with critics arguing that sovereignty should stay in the hands of states and not private companies.

Others say the currency itself could be used for money laundering or terror financing.

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So today we’re wondering: Would you use Facebook’s new cryptocurrency?

