Facebook's Mark Zuckerberg explains how digital currency Libra could increase the firm's profits

Days after rebranding the Calibra wallet to Novi, Facebook founder Mark Zuckerberg explained to shareholders how Libra, the firm's upcoming digital currency, can help bolster revenues from advertising.

Zuckerberg believes using Libra on online marketplaces and global commerce will prove more effective for businesses, causing an increase in advertising rates and, ultimately, Facebook's stock.

Libra is a digital stablecoin pegged to widely-used fiat currencies, such as the U.S. dollar, Euro, and Pound.

Zuckerberg said Libra could prove to be "Great for people around the world," in addition to helping the overall economy.

With Libra as a global payment method and e-commerce facilitator, Zuckerberg thinks a larger audience can be tapped into.

The firm has since bounced back, bringing in ex-HBSC officer Stuart Levey as Libra CEO and adding more partners, such as Singapore's sovereign fund Temasek, to the Association.

We can't wait to start rolling out the Novi wallet as soon as Libra mainnet goes live.

Despite the plans and roadmap, Libra hinges on regulatory decisions and the openness of governments around the world to the idea of stateless currencies.

The introduction of Libra, via Messenger or WhatsApp, would mean a population the size of China or India able to transmit money globally and purchase goods or services from any country Facebook operates in.

"While we debate these issues, the rest of the world isn't waiting. China is moving quickly to launch similar ideas in the coming months. Libra will extend America's financial leadership as well as our democratic values and oversight around the world."