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It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics, according to a source who says multiple investors briefed on the project by Facebook were told that date.Meanwhile, the company’s Head of Financial Services & Payment Partnerships for Northern Europe Laura Mc Cracken told German magazine Wirtschafts Woche‘s Sebastian Kirsch that the white paper would debut June 18th, and that the cryptocurrency would indeed be pegged to a basket of currencies rather than a single one like the US dollar to prevent price fluctuations.Announced today at Facebook’s F8 conference, Meet New Friends now in testing in a few markets before it’s rolled out more widely soon.

By introducing a level of decentralization to the governance of the project, Facebook may be able to avoid regulation related to it holding too much power over a global currency.social graph is aging, full of long-lost acquaintances and hometown friends you don’t care much about seeing in the News Feed any more.Facebook is working with merchants to accept the token as payment, and may offer sign-up bonuses.The Information also reports Facebook also wants to roll out physical devices for ATMs so users can exchange traditional assets for the cryptocurrency.One source says Facebook is targeting a 2020 formal launch of the cryptocurrency The debut of Libra or whatever Facebook decides to call it could unlock a new era of commerce and payments for the social network.

It could be used to offer low or no-fee payments between friends or remittance of earnings to familys from migrant workers abroad who are often gouged by money transfer services.Libra could be a play on the word LIBOR, an abbreviation for the London Inter-bank Offered Rate that’s used as a benchmark interest rate for borrowing between banks.LIBOR is for banks, while Libra is meant to be for the people.Kirsch tells me “I met Laura at Money2020 Europe in Amsterdam on Tuesday” after she watched fellow Facebook payments exec Paulette Rowe’s talk.“She told me that she wasn’t involved in what David Marcus’ [Facebook Blockchain] team was doing.But Facebook is now testing a pivot away from its core identity of connecting you with existing friends so it can revitalize the social graph and keep people coming back.