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WEF: Facebook’s Libra pushed world to reconsider USD as global reserve currency

Elsewhere in the snowy hills of Davos, global economists begrudgingly admitted that Libra had played an instrumental role in getting the world to evaluate CBDCs — and to challenge the U.S. dollar’s role as an anchor currency. On a panel exploring the issue, Brazil’s Economy Minister Paulo Guedes said new technologies like blockchain are paving the way for future currencies to be digital. Others, such as the International Monetary Fund’s chief economist, Gita Gopinath, cautioned that the dollar still remains attractive because it “provides the best stability and safety.” David Marcus, the head of Facebook’s Calibra wallet, was speaking at another WEF panel. He questioned whether “wholesale” CBDCs would solve any problems in the global economy, and argued that a retail-focused approach is the best way to tackle an “unacceptable” situation where 1.7 billion people are unbanked and another 1 billion underserved. Whether Libra will be that solution remains to be seen.