Facebook's Libra must be stopped

Katharina Pistor | Columbia Law School | 24 June 2019

Facebook has just unveiled its latest bid for world domination - Libra, a crypto-currency designed to function as private money anywhere on the planet. In preparing the venture, Facebook CEO Mark Zuckerberg has been in negotiations with central banks, regulators, and 27 partner companies, each of which will contribute at least US$10 million. For fear of raising safety concerns, Facebook has avoided working directly with any commercial banks.