David Marcus, the head of blockchain at Facebook, testifies at a US Senate Banking Committee hearing on Tuesday on the proposed launch of Libra coin. Libra, which promises to be the first stable digital currency available for international use, independent of any one regulator and tradeable at the retail level, has regulators scrambling to respond. Photo: Bloomberg
Paul Ulrich
Opinion

Opinion

The View by Paul Ulrich

Why Facebook’s Libra cryptocurrency has banks and regulators scrambling to respond

  • The cryptocurrency could massively disrupt the existing system, by undermining government sovereignty over local currencies and allowing capital flight, even threaten half of banks’ turnovers

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David Marcus, the head of blockchain at Facebook, testifies at a US Senate Banking Committee hearing on Tuesday on the proposed launch of Libra coin. Libra, which promises to be the first stable digital currency available for international use, independent of any one regulator and tradeable at the retail level, has regulators scrambling to respond. Photo: Bloomberg
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