Can't read the article. What is it backed by? Where's this information coming from? I can't find any press release or sources that aren't publishers themselves—this smells like insubstantial technology and bought hype (not that it won't work...).
Its backed by some large companies and a bunch of money:
"The financial and e-commerce companies, venture capitalists and telecommunications firms will invest around $10 million each in a consortium that will govern the digital coin, called Libra, according to people familiar with the matter. The money would be used to fund the creation of the coin, which will be pegged to a basket of government-issued currencies to avoid the wild swings that have dogged other cryptocurrencies, they said."
