Quant Lipton pans Facebook’s Libra

alex-lipton-2016

Like an “elephant in a china shop”. That’s how Alexander Lipton, former co-head of the global quantitative group at Bank of America Merrill Lynch, describes Facebook’s effort to launch a digital currency, called Libra.

Speaking at Central Banking’s sister title Risk.nets Quant Summit on July 18, Lipton said it was “far-fetched and slightly demeaning to suggest a company scrip as a future of money”.

Facebook claims Libra – which will be backed by a basket of fiat currencies and run on a

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