A controversial cryptocurrency developed by Facebook that some experts say could be used to spy on what you buy has launched today.

Facebook revealed plans for its Bitcoin-style digital money, dubbed Libra and set to launch in 2020, in a white paper sent out to investors and others.

The social network has joined forces with 28 partners in a Geneva-based entity called the Libra Association, which will govern the new digital coin.

The move is the latest development in Facebook’s effort to expand beyond social networking and move into e-commerce and global payments.

The Menlo Park, California-based company has big aspirations for Libra, but consumer privacy concerns or regulatory barriers may present significant hurdles.

The digital currency will be backed by a reserve of existing currencies from around the world, likely including the US Dollar, the Euro and the Yen.

The Libra announcement comes as Facebook is grappling with public backlash due to a series of scandals, and may face opposition from privacy advocates, consumer groups, regulators and lawmakers.

Read more at DailyMail