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"Libra" has some new features, but from the current perspective, the possibility of "Libra" becoming a legal digital currency is very slim, and it is even more difficult to become a super-sovereign digital currency. As long as sovereign states do not disappear, virtual currencies that have not been recognized and regulated by central banks of various countries will be difficult to transcend national borders and become world currencies. Regarding "Libra", international organizations such as the Global Financial Stability Council and central banks of many countries generally adopt a wait-and-see and cautious attitude.

Recently, the social network giant Facebook released a white paper on its virtual currency "Libra" project, which attracted global attention. At the Dalian Summer Davos Forum held not long ago, "Libra" also sparked heated discussions. Although "Libra" has some distinctive characteristics, it is not a legal digital currency and cannot become a truly super-sovereign world currency.

In recent years, various currency concepts have emerged one after another, and it is necessary for people to distinguish the differences between "electronic currency", "digital currency" and "virtual currency". Electronic currency mainly refers to the electronicization of legal currency, which is essentially legal currency. For example, the balance in a bank account electronic wallet can be used for online payments, which emphasizes that the currency form is different from real currency. Digital currency generally refers to digital currency issued by the central bank in parallel with paper money. It has the same status as paper money and is a legal currency that can be used for various daily payments. Currently, my country’s central bank is studying issues such as the issuance and operating framework of digital currency.

The form of virtual currency is generally electronic or digital, but virtual currency is not currency in nature, but a virtual commodity, and transactions are completed through channels such as the Internet. However, without sufficient credit support, virtual currency cannot assume the function of legal currency. Of course, we must also pay close attention to changes in the virtual currency market and the development of blockchain technology, promptly strengthen risk warnings, and protect the legitimate rights and interests of consumers.

Taking "Libra" as an example, Facebook believes that there are still 1.7 billion adults around the world who have not been exposed to the financial system and cannot enjoy formal financial services, and the current financial transaction costs are too high, so this pattern needs to be broken. According to its conception, Libra is a stable currency and a super-sovereign digital currency. By issuing Libra, we explore building a simple, borderless currency and financial infrastructure that serves billions of people.

Indeed, Libra has some new features. First, Libra is anchored to a basket of currencies and promises a 1:1 exchange rate with legal tender. This is not only better than online "cryptocurrencies" that are not linked to legal currencies, but also looks more stable than stablecoins linked to a single currency. It is an upgraded version of digital stablecoins. Second, Libra is planned to be issued by Facebook, which has 2.7 billion users, and will be supported by international card organization giants such as Visa. It is said that the payment scale will reach nearly 700 billion US dollars. It seems that it has great influence and strong credibility on a global scale. Third, Libra’s governance mechanism is relatively complete in form. Facebook created a subsidiary, Calibra, to build and operate the Libra network on its behalf; Libra will be managed by the non-profit Libra Association, gradually reducing reliance on the founder and ensuring the separation of social data and financial data. In short, Libra is very different from some "cryptocurrencies". Many people believe that Libra may subvert the global monetary system and even the financial system.

But from the current perspective, the possibility of Libra becoming a legal digital currency is very slim, and it is even more difficult to become a super-sovereign digital currency. From the perspective of basic attributes, this kind of digital stable currency that is linked to the equivalent value of legal currency is actually still a "token", and its value is difficult to be truly stable. The most important essence of currency is the value scale. If it is difficult to maintain a basically stable currency value, it will be difficult to play its role as a value scale. From the scope of use, Libra can only be run and used on specific online platforms and online communities, and the application scenarios and specific uses are not clear. Not only is it difficult to truly improve the efficiency of cross-border payments, it may also become an accomplice in money laundering and terrorist organization financing.

From the perspective of governance mechanism, the Libra Association is only a currency issuance and management organization, while Calibra is only responsible for specific operations and does not have the regulatory functions of central banks of various countries. Without the recognition of central banks of various countries, relevant institutions do not have credibility. From a technical perspective, the blockchain technology that Libra relies on has an "impossible triangle" problem, that is, it is difficult to achieve both "decentralization, high performance, and security". In addition, Libra's linking to a basket of legal currencies also increases its design difficulty and operational challenges, and faces greater exchange rate risks and liquidity risks. Therefore, these so-called virtual currencies, because they are not issued by monetary authorities, do not have legal and compulsory currency attributes, and are not currencies in the true sense.

Furthermore, as long as sovereign states do not disappear, virtual currencies that have not been recognized and regulated by central banks of various countries will be difficult to transcend national borders and become world currencies. Therefore, regarding "Libra", international organizations such as the Global Financial Stability Council and central banks of various countries generally adopt a wait-and-see and cautious attitude.