Facebook co-founder: Libra transfers most of its monetary policy control from the central bank to private companies

According to Reuters, Facebook co-founder Chris Hughes said in a commentary in the Financial Times today that Libra, the company's cryptocurrency project, will transfer most of its monetary policy control from the central bank to private companies. Hughes said: "If global regulators do not act now, it may soon be too late." Hughes also said: "The new currency companies will put their private interests – profits and influence – in the public interest Above."