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Could Facebook's Libra Affect National Economies and Interest Rates?
Facebook’s proposed “simple global currency,” known as Libra, has drawn skepticism, scrutiny, and debate since it was announced in 2018. European and US regulators are concerned about an American corporate behemoth harnessing blockchain cryptocurrency technology to dominate an important range of financial services. Nevertheless, on August 23, Bank of England governor Mark Carney delivered a speech that referred to Libra and highlighted some potential benefits of a coordinated move toward a global standard based on a basket of existing currencies, which he labeled a “synthetic hegemonic currency.” Concerns that ... (full story)
