Opinion

Facebook's great monetary revolution

A new private currency system will be a challenge to the big banks, and to monetary policy. But it could mean opportunity for Australia.

Chris Berg, Sinclair Davidson and Jason PottsRMIT University senior research fellow

Jun 19, 2019 – 4.28pm

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With its new digital money, Libra, a Facebook-led global consortium has created the world’s first private international reserve currency.

Announced Wednesday, this is no small thing. For the first time since the collapse of the Bretton Woods system there is a clear competitor to the US dollar for global dominance in the currency market.

Chris Berg is a senior research fellow and co-director of the RMIT Blockchain Innovation. His book, 'The Growth of Australia's Regulatory State: Ideology, accountability and the megaregulators', was published in 2008.