Libra coin would shift power into the wrong hands

Facebook co-founder on the risks of tech titan's move into world of global finance

Move fast and break things - our mantra in Facebook's early days - was an appropriate slogan for a college social network. It's not appropriate for the global monetary system.

This past week, Facebook and 27 other partners announced a plan for a new digital currency called Libra that could be used to send money around the world. If things go according to plan, some of the world's largest corporations will oversee this new currency through an independent association based in Switzerland that has a membership fee of US$10 million (S$13.5 million).

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A version of this article appeared in the print edition of The Straits Times on June 24, 2019, with the headline 'Libra coin would shift power into the wrong hands'. Subscribe