The e-IOU notes are backed by actual financial assets, collectively known as the Libra Reserve, which will allow the digital amusing money to be converted to local fiat currencies. The wallet will be available in Messenger, WhatsApp, and as a standalone app, which means you won't be required to have a Facebook account to use the currency.
The Libra coin plan, backed by financial and nonprofit partners, represents an ambitious new initiative for the world´s biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.
"This instrument for transactions will allow Facebook to collect millions and millions of data, which strengthens my conviction that there is a need to regulate the digital giants", he said in an interview on Europe 1 radio.
However, consumer privacy concerns or regulatory barriers may present significant hurdles for Facebook, whose services already boast more than one billion users.
Developers say the currency's name, Libra, was inspired by the Roman unit of weight measure, the astrological symbol for the balance of justice, as well as the French word for freedom: "liberté".
Some have called for Facebook to incur penalties, or be forcibly broken up, for mishandling user data, and not preventing Russian interference in the 2016 United States presidential election through a social media disinformation campaign.
When Facebook officially announced its plans for a new cryptocurrency called Libra Tuesday, it also revealed that Spotify was part of a consortium of companies called the Libra Association that is backing the project.
They would not specify which regulators or whether Facebook had applied for financial licences anywhere.
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The Bank of International Settlements in Basel, an umbrella group for central banks, declined to comment. It will be a digital currency that's supported by established government-backed currencies and securities.
For those with privacy concerns, Facebook said Calibra will not share account information or financial data with Facebook or any third party without customer consent. That could include for law enforcement, public safety or general system functionality.
"Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data", she said in a statement.
Bitcoin, the most well-known cryptocurrency, was created in 2008 as a way for pseudonymous users to transfer value online through encrypted digital ledgers.
Bank of England Governor Mark Carney said Facebook´s new currency would have to withstand scrutiny of its operational resilience and not allow itself to be used for money laundering or terror financing.
"This kind of product and other ones like Bitcoin aren't technically money".
But Facebook's status as a Silicon Valley behemoth touching billions of people around the world could help legitimise what has so far been a niche and volatile market.
Though there are no major banks among the inaugural members, there have been discussions with them, said Jorn Lambert, executive vice president for digital solutions at Mastercard.