What Facebook’s new currency means for the banking system

C probably view holding Facebook’s new currency, Libra, as an alternative to putting money in the bank. If every Westerner held in Libra an amount equal to one-tenth of their bank deposits today, the new currency outstanding would be worth over $2trn. On the surface, the only obvious difference between the Libra Reserve and a narrow bank is that the former will hold assets denominated in a variety of (still-to-be-specified) currencies.

Source: www.economist.com