Why Facebook’s New Libra Coin is Good — and Really Bad — for the World

Does Facebook's cryptocurrency mark a shift in financial power from governments to corporations?

Why It Matters

In 2013, Pathways to Education became the first charity in Canada to accept bitcoin donations. Fast forward to 2019, and giving platform CHIMP has processed over $2.5 million in cryptocurrency donations. Cryptocurrency has clearly already met the world of impact — but the arrival of Libra is about to make that relationship far more complicated.

Earlier this week — following a hefty string of rumours — Facebook announced that it would be launching its own cryptocurrency, Libra, in 2020. And whether the world realized it at the moment or not, that announcement has brought us to the edge of one of the greatest societal shifts since the separation of church and state.

Ten years ago, with the creation of bitcoin, people were given the ability to digitally transact value without the need for a government to manage the financial system. Bitcoin marked the beginning of the separation of money and state. Changes of this magnitude take time, and the growth of cryptocurrencies is still ramping up. But that is about to change.

By next year, users will be able to transact

Sign up for free with your email address to continue reading.