This case explores private and public proposals for digital forms of money that bypass the commercial banking system. A private proposal comes from Facebook’s Libra. A public proposal comes from central bank digital currency (CBDC). The case begins with Mark Zuckerberg’s vision for Libra and the ensuing pushback from policymakers. One of the main concerns—financial stability—is revisited during a tour of the arguments for and against a CBDC. The introduction of the first official CBDC by the Central Bank of the Bahamas is then discussed. The case closes with Zuckerberg pondering the economics of Libra in a bid to bring policymakers on board. The case is intended to follow a class on the economics of cryptocurrency (e.g., as presented in "The Economics of Cryptocurrency" [UVA-GEM-0190]). Prior exposure to the causes of and responses to the 2008 financial crisis is also strongly recommended to permit a substantive discussion of financial stability risks.