Facebook's Libra project: a timely wake-up call

FACEBOOK'S Libra (digital currency) project has attracted enormous attention, not all of it positive. Some of the deeply critical reactions were on display recently when Libra representative David Marcus appeared before the US Senate Banking Committee and the Financial Services Committee of the US House of Representatives.

The scepticism is fully understandable. Libra upsets many paradigms, chief among them the virtually unchallenged dominance sovereign states have held in currency matters throughout history.

But Libra also represents a timely opportunity - and a critical wake-up call - to reflect on the monetary system as it is currently constructed. Does it actually serve the needs of society as a whole?