Facebook's plan to revolutionize how money works, and why companies and lawmakers are so worried about it, explained in 30 seconds

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Facebook CEO Mark Zuckerberg testifying before the US House Committee on Financial Services in Washington DC on October 19, 2019.

• Facebook is trying to launch its own cryptocurrency: Libra.
• Libra will be managed by the independent, nonprofit Libra Association and transferred on digital wallet Calibra, a subsidiary of Facebook.
• Lawmakers are wary of a corporation's attempt to create its own currency, and Facebook has assured the government that it will not launch without approval from all appropriate regulatory bodies.
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What is Libra?

It's Facebook's attempt at creating a digital currency, otherwise known as "cryptocurrency," and it has already landed two Facebook executives in front of the US House Committee on Financial Services since it was announced in June.