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The IMF Should Take Over Libra

17 3 0
18.10.2019

ATHENS – The Libra Association is fragmenting. Visa, Mastercard, PayPal, Stripe, Mercado Pago, and eBay have abandoned the Facebook-led corporate alliance underpinning Libra, the asset-backed cryptocurrency meant to revolutionize international money. More corporations are likely to follow as pressure upon them mounts from worried governments determined to stop Libra dead in its tracks.

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    This is a good thing. Humanity would have suffered had Facebook been allowed to use Libra to privatize the international payments system. But the authorities that are now strangling Libra should look to the future and do with it something innovative, useful, and visionary: hand Libra, or its core concept, over to the International Monetary Fund so that it can be used to reduce global trade imbalances and rebalance financial flows. Indeed, a Libra-like cryptocurrency could help the IMF fulfill its original purpose.

    When Facebook CEO Mark Zuckerberg announced Libra amid great fanfare, the idea sounded interesting and innocuous. Anyone with a mobile phone would........

    © Project Syndicate