Blockchain experts on Tuesday said Facebook's new Libra cryptocurrency promises to introduce billions of new users to the world of digital coins, but there are several concerns over how the social network's checkered past when it comes to trust and privacy could impact the new currency.

Facebook on Tuesday unveiled its long-rumored digital coin called Libra that will become available to users in the first half of 2020. The open-source digital currency has been under development by Facebook over the past year, but it will be managed by a nonprofit association with support from a variety of companies and organizations.

"Libra is a major validation of cryptocurrencies and blockchain technology to be the financial infrastructure of the future," said Garrick Hileman, head of research at Blockchain, which makes a cryptocurrency wallet. Libra "could be one of the most significant and positive events in cryptocurrencies' history as billions of Facebook users could join the ecosystem we've been building over the last decade."

Many in the blockchain space say they believe Libra will leverage Facebook's more than 2.7 billion monthly users to finally bring cryptocurrencies into the mainstream.

"Worst case scenario, Facebook crypto could become the gateway drug to introduce people to the greater crypto ecosystem," said Roneil Rumburg, CEO of Audius, a blockchain-based music streaming service. "Best case, their stablecoin is sufficiently decentralized to enable interesting censorship-resistant use cases and is still usable by a mainstream audience."

More specifically, Libra could be beneficial to users in third-world and developing countries as well as loved ones who currently rely on services like Western Union to send remittances.

"Facebook and WhatsApp are huge in developing nations like Africa and India," said Tony Perkins, editor of Cryptonite, a media company focused on blockchain. By providing users the ability to transfer funds to one another and to merchants at a low cost, Libra "will bring billions of people into the modern economy. This is huge, and represents a gigantic economic opportunity like we have never seen."