Libra will shift monetary policy from banks to companies

Facebook’s Libra coin will shift most of monetary policy control from central banks to private companies, Chris Husse co-founder said in an article in the Financial Times.

“If global regulatory bodies do not act now, it could very soon be too late,” Huzz said.

Huzz also said that the companies that will supervise the new currency will put their private interests – profits and influence – above public. Facebook did not respond directly to a Reuters request for a comment.
The giant of social media announced earlier this week plans to launch a Libra coin, and has joined forces with 28 partners in an entity, the Libra Association, based in Geneva, which will control the new digital currency which will be released in the first half of 2020.

Husseh, a former roommate of Facebook CEO Mark Zackerberg, had called for the split of the social network into an article published in May in the New York Times. Facebook then rejected Huzz’s request to split the company to three.