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Facebook's new global digital currency, Libra, which the company plans to launch as early as 2020, could transform the world.Libra could, therefore, become a dominant global currency -- but one run by a corporation, not a central bank.Although Libra is based on the same blockchain technology as other cryptocurrencies, it is expected to be much more efficient. Facebook promises that the Libra system will be able to process 1,000 transactions per second, be user-friendly and have a transaction cost of virtually zero. Much more attention needs to be devoted to analyzing how Libra could dramatically change global monetary policymaking.At this stage, one can only speculate about the problems Libra may cause.Many users may then choose to keep Libra instead of exchanging it back for their own currencies. Facebook or the Libra Association will therefore continue to hold their national money and earn income on it by investing Libra users' money.
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