In June, Facebook announced Libra, its attempt to create an internationally accepted cryptocurrency. Given the complexities of the new digital asset ecosystem, the successful rollout of a cryptocurrency like Libra will put pressure on regulators and the accounting industry to address how cryptocurrencies should be presented on financial statements, how they should be valued, as well as various other issues as it integrates into the digital world of commerce.

Backed by a pool of stable global assets such as currencies and short-term bonds, Libra is targeted for use by those who don’t have bank accounts, the so-called unbanked, and in micro-transactions.