Libra’s contents and its discontents

Facebook, a global social media giant, has decided to launch a digital currency. This will reduce the cost of transferring money from one country to another, enable billions of people with no access to financial service and help businesses across the world trade more easily. In spite of all the advantages outlined above, the digital currency has grave implications for financial stability, privacy, global governance, cybersecurity, and competition cannot be understated. This is essential as 1.7 billion people are unbanked and 1.1 billion have access to mobile phones.