Facebook hopes its new cryptocurrency will one day trade on a global scale much like the US dollar. But to come anywhere close to matching the dollar for utility and acceptance, Libra will need to be widely trusted.

Naspers subsidiary PayU is among the founding members of the Libra Association, a group of companies that will have an equal say in how Facebook’s new cryptocurrency is managed.

Facebook is to launch a cryptocurrency next year – backed by the likes of Mastercard, Visa and PayPal – which will allow people to move money from their smartphones.

Facebook has announced its own form of cryptocurrency called Libra alongside a digital wallet named Calibra, which will allow users to pay for everyday items directly using their smartphone.

Volkswagen plans to pool 5 000 digital experts into a single unit that will develop “vw.os”, a uniform software operating system across all new models.

Apple is strongly rumoured to be putting its standard iPhone model on a diet next year, releasing a 5G version with a 5.45-inch screen, down from 5.8 inches in the current Xs model.

Apple boss Tim Cook has taken aim at “chaos factory” technology giants for failing to take responsibility for data breaches and privacy violations.

Naspers’s biggest shareholder is considering whether to reduce its R245-billion stake in Africa’s biggest company because of concern it’s overexposed to a single stock, sources said.

Laptops made by Huawei have reappeared on the Microsoft online store after they were removed in the wake of a US executive order which cracked down on the Chinese company.

Regulators will be watching closely when Facebook unveils its cryptocurrency project this week. Their vigilance is warranted.