Why the US Should Nationalize LIBRA

Mark Zukerberg’s October 23^rd testimony before Congress on LIBRA, Facebooks’ proposed digital currency, has garnered much attention. I attended the hearing (I'm in the blue tie in the picture below) and thought both legislators and Zuckerberg missed the real solution to the problem.

To understand why, let’s start with what’s really going on. Facebook created Libra in response to competitive pressure. Imagine a social networking platform with the four functions of money (store of value, means of payment, unit of account and a means of social control) imbedded. A social media platform with this functionality has the potential to significantly reduce Facebook’s reach, if not immediately, then ten years down the road. 

For more, see: Why the US Should Nationalize LIBRA https://link.medium.com/hUhQ43wFt1