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Facebook’s audacious plan to create a new currency

What’s not to like about Libra? Quite a lot, if you are a regulator

By Paul Wallace  

Photo: Andre M. Chang/Zuma Press/PA Images

First the pound and then the dollar: global currencies are usually centuries in the making and reflect the clout of the nation state underpinning them. Now Facebook plans to short-circuit that historical and economic process and to create from scratch an instant world currency. Its Latin-based name, libra, from which the £ symbol is derived, hints at the vaulting ambition of the project. Mark Zuckerberg, the founder and driving force of Facebook, looks set on trying to create a new monetary domain to…

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