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Facebook money and organization planned around digital currency

The social network's proposed Libra cryptocurrency is to be managed by a new Libra Association in Geneva.

Facebook's sneak peek of what using its new Libra currency will look like.
Facebook's sneak peek of what using its new Libra currency will look like. (AN/Facebook)

GENEVA (AN) — Facebook announced plans to launch a new digital currency and international organization to oversee it based in Switzerland's hub of multilateralism and Bitcoin-like cryptocurrencies.

The social network's new Libra cryptocurrency is to be managed by the new Libra Association, headquartered in Geneva, home to the United Nations' European headquarters and hundreds of other international organizations, treaty secretariats and nations' diplomatic missions.

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