Last month Facebook announced that it will roll out in 2020 a global digital currency to be known as Libra.
It is a decision that has profound implications for all financial institutions everywhere, raises new regulatory concerns for Central Banks and governments, and challenges Caribbean financial sovereignty.
In outline, Libra is intended to be a “global currency and financial infrastructure” powered by Facebook’s own encrypted blockchain technology. It will, once operational, offer banking through Calibra, a smartphone digital app, either on a standalone basis or through WhatsApp and Facebook Messenger.
