The Digitalization of Money

The Libra project, launched by Facebook, followed two years of intense debate on the merits of crypto currencies. They are part of a broader movement of digitalization of our economies and money systems. Digitalisation has fundamentally changed the nature of social, economic, and informational interconnectedness, and it is now revolutionising money and payment. We can now hold money on our mobile phones and transfer wealth across peer-to-peer networks to counterparties anywhere in the world. As a result of these developments, the barriers defining traditional currency areas may break down, and both domestic and international monetary systems will be reshaped.