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Abstract


LIBRA:IS THE GENIE OUT OF THE BOTTLE?

The move from primitive materials used in ancient era to metals is considered the first and the move from metals to paper is concidered the second innovation in money. After the first two, an era of stagnation came in which no innovation in money was made. With the developments in the field of information technologies that created Bitcoin and the blockchain technology, the innovation process in money, which was long thought to be dead, has started again. Since Bitcoin failed to reach the masses, it couldn't bring the aforementioned change but it paved the way for new developtments in this field. Gold has been used as world currency for centuries but after the collapse of Bretton Woods system it has lost that function. The people and states, who were used to an existing world currency, have been looking for a world currency ever since the collapse of Bretton Woods. The blockchain technology has been a light of hope for those looking for a world currency. The Libra Association, which is comprised of companies with a potential to reach the masses, has announced that a world currency using the blockchain technology is going to go live in 2020. In this study, The Libra Association which is governing this project, the reactions of the states and the possible effects of the new world currency are being researched.



Keywords
Libra, world currency



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