Libra could shift monetary clout to private companies: Facebook co-founder

Facebook Inc’s Libra cryptocurrency would hand over much of the control of monetary policy from central banks to private companies, the company’s co-founder Chris Hughes said in an opinion piece in the Financial Times on Friday.

“If global regulators don’t act now, it could very soon be too late,” Hughes said.

Hughes also said the corporations that would oversee the new currency would put their private interests – profits and influence – ahead of public ones.