From Libra to Diem. The Pursuit of a Global Private Currency

The official launch of the Libra project in 2019, and the subsequent troubles experienced by the project, stimulated a vigorous debate, from different perspectives, on the pros and cons of a private currency with global ambitions. This paper describes the main characteristics of Libra and of its heir, Diem, locating both in a partial taxonomy of the increasingly crowded field of so-called 'digital currencies'. In the light of the distinguishing features and risks of such an ambitious project, the paper also aims to assess the potential impact on a crucial issue of the present international monetary system: the power to create money.