CNBC's Jim Cramer said Tuesday that Facebook's new Libra cryptocurrency is a "brilliant" endeavor that will boost the company's status among consumers in highly volatile nations around the world.

The Libra will also be well-received in economically depressed areas of the United States, said Cramer.

"The disenfranchised will welcome Mark Zuckerberg as a savior," he proclaimed on CNBC's "Squawk on the Street."

Earlier Tuesday, Facebook announced the Libra coin, which will launch next year and will be run by a nonprofit association supported by a range of companies and organizations, including the social media giant. Facebook also revealed a new unit called, Calibra, which will host a digital wallet by the same name for storing and exchanging Libra. Calibra will eventually be a way for Facebook to make money on the currency.

Libra will use the blockchain technology underlying bitcoin on other cryptocurrencies. The goal is to make it as easy to send money across the world as it is to send a photo. But unlike bitcoin and other digital coins, Libra will be backed by government money.