Libra...

Facebook is going into the banking business.

The social networking company  said it plans to help launch a digital currency in 2020, marking one of the company’s most aggressive moves yet to push beyond digital advertising.

A nonprofit group based in Geneva, the Libra Association, will oversee the currency, called Libra. 

Facebook said that it wants the currency to be available starting the first half of next year and that it believes many of the 2 billion people who are already on the company’s services will one day regularly use the new currency to buy things or send money internationally.

The project would bring a consumer-friendly version of digital currencies to smartphones around the world, potentially creating a way for people to easily transfer money, build credit and pay bills while avoiding costly fees. Libra is open source, meaning any company or person can build a business within its framework.