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Central bankers’ worst fear is that Facebook will supplant them

The social network's cryptocurrency has the potential to undercut central banks’ control over their own currencies, because big networks cross borders

Dislike: Facebook's plans for a cryptocurrency may prove controversial with regulators
Dislike: Facebook's plans for a cryptocurrency may prove controversial with regulators Photo: Getty Images

To truly understand central bankers’ fears about Facebook’s plan to launch its own “currency”, consider their worst-nightmare scenario.

For them, this could be the situation in a few years’ time: after a period of testing by wary customers followed by gradual implementation, Libra, as it will be called, has become the payment instrument of choice for the majority of Facebook’s 2.4 billion members.

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