Facebook’s new global digital currency, Libra, which the company plans to launch as early as 2020, could transform the world. And monetary policymakers should be especially worried, because they may find it much harder to control unemployment and inflation in a Libra world. Some commentators have welcomed the proposed new private money, while others want governments to stop Libra before it gets off the ground. Facebook or the Libra Association will therefore continue to hold their national money and earn income on it by investing Libra users’ money. Policymakers must urgently consider what kind of world private digital money could create.

Source: Mint June 30, 2019 15:56 UTC