Facebook cannot be said to lack imagination or nerve. The titan of Menlo Park, California is accused on both sides of the Atlantic of undermining public debate in the West, of endangering democratic processes in the free world, and of favoring populist and anti-establishment movements. Facebook is also accused of facilitating the spread of ethnic hatred and helping authoritarian regimes crackdown on dissent, as well as repeatedly violating users’ privacy, abusing its dominant position and evading taxes. Even so, Mark Zuckerberg’s group has decided to take another quantum leap, printing money as if it were the largest sovereign state in the world.
Starting in 2020, Facebook will have its own virtual, digital currency, named Libra and based on blockchain technology. The community of 2.5 billion friends will be able to exchange money, buy products and at some point use financial services traditionally offered only by banks, such as deposits and loans.