Facebook's very ubiquity may be what enables the company's new digital currency to become a true alternative to national currencies, writes greg_ip
The payment system remains one of the last true monopolies of a modern economy. If you want to use the local currency, you pretty much have to go through your central bank and banking system with all its rules, restrictions and fees.
Financial technology startups and cryptocurrencies have all sought to bust up that monopoly. With its new digital currency, Libra, Facebook Inc. may actually succeed by doing what none others have: by creating a de facto central bank to issue it.
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