Facebook hopes its two billion users will use Libra for online shopping and more

Facebook's sheer scale means the proposed Libra currency could potentially roil the global financial system. — AFP

International outcry is mounting over Facebook's Libra – with central banks, governments and regulators railing against the social media giant's upstart cryptocurrency.

Facebook unveiled plans in June for Libra – which will roll out in 2020 – to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units.

Facing staunch opposition in Europe, Libra's boss admitted that it could yet decide not to operate in the region.