A borderless digital world where individuals interact with each other freely and easily has long been a tech dream. Its application to the payments area promises to deliver a fast, inexpensive alternative to traditional banking systems.
Facebook’s cryptocurrency Libra best embodies this promise. Set to launch in 2020, it has been created for buying and selling things and transferring funds on the 2 billion user-strong social media platform. It will offer a global alternative to existing national economic and monetary systems and empowers Facebook users, whether or not they have a bank account, to have financial access. It cuts out retail banks, fintechs and any other middlemen; it is inclusive; and it frees users from the traditional currency structures. But Libra’s most revolutionary aspect might yet be that it powers a new wave of regulation.
