Regulating Libra

Dirk A Zetzsche¹, Ross P Buckley², Douglas W Arner³

Affiliations

¹ Professor of Law, ADA Chair in Financial Law (Inclusive Finance), Faculty of Law, Economics and Finance, University of Luxembourg, and Director, Centre for Business and Corporate Law, Heinrich-Heine-University.
² Australian Research Council Laureate Fellow, KPMG Law-KWM Chair of Disruptive Innovation, Scientia Professor and Member, Centre for Law, Markets and Regulation, UNSW Sydney. Email: ross.buckley@unsw.edu.au.
³ Kerry Holdings Professor in Law and Director, Asian Institute of International Financial Law, University of Hong Kong. Email: douglas.arner@hku.hk.

PMID: 33762888
PMCID: PMC7970721
DOI: 10.1093/ojls/gqaa036

Regulating Libra

Dirk A Zetzsche et al. Oxf J Leg Stud. 2020.

. 2020 Dec 1;41(1):80-113.

doi: 10.1093/ojls/gqaa036. eCollection 2021 Spring.

Authors

Dirk A Zetzsche¹, Ross P Buckley², Douglas W Arner³

Affiliations

¹ Professor of Law, ADA Chair in Financial Law (Inclusive Finance), Faculty of Law, Economics and Finance, University of Luxembourg, and Director, Centre for Business and Corporate Law, Heinrich-Heine-University.
² Australian Research Council Laureate Fellow, KPMG Law-KWM Chair of Disruptive Innovation, Scientia Professor and Member, Centre for Law, Markets and Regulation, UNSW Sydney. Email: ross.buckley@unsw.edu.au.
³ Kerry Holdings Professor in Law and Director, Asian Institute of International Financial Law, University of Hong Kong. Email: douglas.arner@hku.hk.

PMID: 33762888
PMCID: PMC7970721
DOI: 10.1093/ojls/gqaa036

Abstract

Libra is the first private cryptocurrency with the potential to change the landscape of global payment and monetary systems. Due to the scale and reach provided by its affiliation with Facebook, the question is not whether, but how, to regulate it. This article introduces the Libra project and analyses the potential responses open to regulators worldwide. We conclude that perhaps the greatest impact will come not from Libra itself, but rather from reactions to it, particularly by other BigTechs, incumbent financial institutions and governments around the world.

Keywords: Facebook; cryptocurrency; digital identity; financial regulation; stablecoin.

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