To make a long story short, Libra is a digital currency introduced by Facebook and governed by a consortium of companies under a non-profit organization known as the Libra Association. It is a “stablecoin”, which is pegged to several world currencies to stop volatility. It will be used in the future for sending money via remittances at nominal or no fees and it will be instantaneous and borderless. The idea is to be able to send currency across borders just as easy as sending a text message.
The Libra effort is Facebook’s foray into the digital assets space, intended to be used for global payments and for niche use cases like remittances. The effort has received a lot of criticism, both from the crypto community, who criticise the lack of anything new, and from regulators, who believe that Facebook has issues with privacy and that the effort would give Facebook more influence than it already has.