global-digital-currency

Libra was proposed as a new worldwide currency and payment system designed to operate instantly via mobile devices.

Written by the Tronix Library

1 chapter across 1 book

Libra Shrugged: How Facebook Tried to Take Over the Money (2020)David Gerard

Chapter 13: Mark Zuckerberg before the US House 111

This chapter outlines Facebook's attempt to create Libra, a global digital currency intended to revolutionize finance and provide financial inclusion, but which was fundamentally flawed and alarmed governments worldwide. The plan was marked by vague details, regulatory concerns, and the potential to disrupt global economies, ultimately leading to its rejection by regulators and the shelving of the original Libra concept. The chapter also frames Libra as emblematic of Silicon Valley's disruptive ethos, highlighting the clash between tech ambition and governmental control.