The re-emergence of virtual money

Virtual currencies were thought to have fallen into oblivion with Bitcoin’s tumble in 2019. But Facebook’s announcement of its Libra universal currency project in June has revived the hopes of its supporters. Despite the barrage of criticism and serial withdrawals (Visa, MasterCard, PayPal and eBay jumped ship without explanation), Libra has the potential to become a near-universal, central bank-independent currency thanks to Facebook’s 2 billion users. Most importantly, it has initiated a movement by all the major players in finance. The People’s Bank of China has announced the creation of its own cyber currency and the Bank of France has launched a call for projects for the first quarter of 2020 to experiment with a possible “digital euro”.

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