Daily Fintech Conversations

Is Libra the Future of Money?

Originally published at: https://dailyfintech.com/2019/09/23/is-libra-the-future-of-money/

The world needs a stable, digital currency that provides autonomy and better control of money. Bitcoin and other cryptocurrencies have emerged with the promise of fulfilling this need, but high volatility has hindered their usefulness. People in emerging economies need a way to protect their money, an easy and fast way send and receive money…

Seems it no longer will be ‘money’, or currency. Will there be such a variety of stable coins that a pegged value will be impractical? Will it be two sheep equals an oil change, or three?

Fair point - interoperability will be the key, and that will come

Hi @LindaLondonZug welcome to Conversations. LondonZug sounds like a good corridor! Totally agree re interoperability - not a currency without that.

Libra is a weird mix that is so hard to define. The reality is that it is still only a roadmap, not a product we can use today.

I know this is sort of off topic, but what I think Libra does is force governments and central banks to think seriously about digital currency. Prior to the announcement of Libra, most governments and central banks were stating that they saw no need to digitize their currencies and therefore they moved on to other “important” matters. Now that the cat is out of the bag, central bankers are struggling to figure out what effect, if any, Libra will have on their economy and to what degree they will lose control of monetary policy.

I say all this to say that Libra is a shot across the bow of central banks and that there will eventually be a large tech company such as Apple, Google, Facebook or Amazon who are successful in introducing a digital currency that helps to solve all of the inefficiencies of traditional currency (Such as exchange rates and banks making lots of money on this business. Such as people who live in countries whose governments act irresponsibly and therefore significantly devalue their currencies, people without access to bank accounts, etc.).

Maybe I’ll one-up Zuckerberg by coming out with a Scorpio coin. :grinning: :

1 Like

Hi @spgift welcome to Daily Fintech Conversations where conversations make connections and good things happen.

I think you are right, Zuckerberg has lit a fire under governments and central banks. Libra’s ambition level is pretty wild and they will soon be joined by other Big Tech in this ambition.

Scorpio coin sounds scary/exciting. Keep us posted. Doge coin started as a joke, so who knows?