Libra named Swiss financial word of the year 2019
Libra, the cryptocurrency launched by Facebook, has been named Swiss Financial Word of the Year 2019. A jury led by the financial portal Finews.ch and Migros Bank chose the payment method planned for 2020 as the winner from more than 250 entries.
If the all-digital payment method catches on, it has the potential to upend the financial world and establish itself as a global currency, according to the panel, according to a statement Monday.
The aim of Libra is to exchange money in an uncomplicated way and to carry out cross-border transactions quickly and inexpensively, the jury said. It is still uncertain whether Libra will make the breakthrough. However, given the number of potential users, the cryptocurrency has enormous potential. In developing countries in particular, Libra could help promote economic development through access to financial services.
"Libra is not only a response to the long search for a global digital currency, but also one to the creeping demonetization of traditional currencies," jury member and writer Michael Theurillat was quoted as saying in the release.
The election of the Swiss financial word has taken place for the sixth time in 2019. In previous years, the words punitive tariff, bitcoin, negative interest rates, zero interest rate policy and franc shock were chosen as the financial word of the year. (SDA)
