Can central banks avoid a ‘big tech’ monetary meltdown?
Facebook’s move to set up an international stablecoin called ‘libra’ sent shockwaves through the central banking community, splitting opinion on whether the benefits of a cross-border, multi-currency, distributed ledger currency would outweigh the many risks. Much will depend on the specific plans for libra being drawn up by the Libra Association – described by European Central Bank (ECB) executive board member Yves Mersch as ‘cartel-like’ and offering ‘treacherous promises’.
The potential
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