Last month, David Marcus, who is heading up Facebook’s digital currency (Libra) project, sat before Congress to face questions about the tech giant’s currency. Much of the discussion shed very little light onto the matter. However, one question did let people learn something valuable. Facebook can’t properly define the nature of the digital currency until policymakers make certain decisions.
Facebook also asserts that Libra could potentially create a new global financial infrastructure and that it could possibly serve billions of people. This means Facebook could change the face of the financial world with its project, depending on how it actually comes to fruition.