Launching a global currency a bold, bad move for Facebook

Its plan for Libra, with its own central bank, poses too many security risks

On June 18, Facebook, in partnership with a surfeit of other large and powerful corporations, including Uber, Spotify, PayPal and Visa, announced that it would lead the effort to create a new global currency called Libra.

"We believe," says the organisation that will govern the currency, "that the world needs a global, digitally native currency that brings together the attributes of the world's best currencies: Stability, low inflation, wide global acceptance and fungibility."

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A version of this article appeared in the print edition of The Straits Times on June 21, 2019, with the headline 'Launching a global currency a bold, bad move for Facebook'. Print Edition | Subscribe