Latest Issue

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…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect