Here is the problem with Facebook calling its new cryptocurrency “Libra”

Here is the problem with Facebook calling its new cryptocurrency

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Christian Ploog

christian.ploog@trijo.co

The name is already used by another well-known company.

On Tuesday, Facebook released the white paper for its upcoming cryptocurrency “libra”. Here you can read all you need to know about it.

According to a Facebook spokesperson, the name “Libra” stems from money in ancient Rome where it was a unit of weight used to mint coins, Quartz reports.

In addition, the name alludes to the French “libre”, which means “free”.

The name was already taken

Libra’s new symbol, which looks like a wave, “represents the energy that flows between us, the borderless nature of water, and the movement between people, places, and money”, the spokesperson told the news site.

But here comes the twist. The name is already used by another well-known company.

Libra is also a very popular tampon brand in Australia, something several users on Twitter have pointed out.

So even if no name is perfect, and although there seem to be clear historical links to the choice of the name Libra, Quartz still writes that it all seems a bit “culturally ignorant” by Facebook to use a name that is already very well known as something else in a certain part of the world for a global currency.

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