Facebook introduces a new cryptocurrency Libra as a fresh medium of exchange for e-commerce.

Dan Rochefort

2019-07-21 09:37:00 Sun ET

Facebook introduces a new cryptocurrency Libra as a fresh medium of exchange for e-commerce. Libra will be available to all the 2 billion active users on Facebook, Messenger, Instagram, and WhatsApp. This new cryptocurrency has tremendous potential to change how people save, spend, and send money. As a new medium of exchange, Libra helps facilitate key e-commerce auctions and other transactions within the core Facebook social network ecosystem. As a new store of value, Libra exhibits less extreme price volatility than several other cryptocurrencies such as Bitcoin and Ethereum.

Facebook launches the digital wallet company Calibra as a key third-party payment gateway in collaboration with PayPal, Stripe, Visa, MasterCard, American Express, eBay, Spotify, Uber, and Lyft etc. At inception, Calibra records all the Libra digital transactions on a public blockchain. This blockchain can serve as a tamper-proof ledger that runs across multiple computer servers to preserve consumer privacy. When cryptocurrencies become more popular, money supply growth may decline to the extent that the central bank can better curb price inflation and wage growth in a cashless society.

In terms of macroeconomic implications, the central bank and fiscal authority can better manage the trade-offs among price stability, economic growth, employment, capital accumulation, and financial market stabilization.

 


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Japanese prime minister Shinzo Abe outlines the main economic priorities for the G20 summit in Osaka, Japan.

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2019-07-13 07:17:00 Saturday ET

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Warren Buffett points out that American children will be better off than their parents in the next decades.

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2018-01-05 07:37:00 Friday ET

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Blackrock asset research director Andrew Ang shares his economic insights into fundamental factors for global asset management.

Apple Boston

2019-07-29 11:33:00 Monday ET

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We assess how stablecoins and blockchains can combine to strengthen the U.S. Treasury bond market after the recent U.S. congressional passage of the GENIUS Act.

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2027-07-31 13:25:00 Saturday ET

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Peter Schuck analyzes U.S. government failures and structural problems in light of both institutions and incentives.

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2023-04-28 16:38:00 Friday ET

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