  Libra was presented as a cryptocurrency on June 18, 2019 by Facebook. On the
same day, Facebook announced plans for Calibra, a subsidiary in charge of the
development of an electronic wallet and financial services. In view of the
primary risk of sovereignty posed by the creation of Libra, regulators and
Central Banks quickly took very clear positions against the project and
expressed a lot of questions focusing on regulation aspects and national
sovereignty.
  The purpose of this paper is to provide a holistic analysis of the project
encompassing several aspects of its implementation and the issues it raises. We
address a set of questions that are part of the cryptocurrency environment and
blockchain technology that support the Libra project. We describe the
governance of the project based on two levels, one for the Association and the
other for the Libra Blockchain. We identify the main risks considering at the
same time political, financial, economic, technological and ethical risks. We
emphasize the difficulty to regulate such a project as it will depend on
several countries whose legislations are very different. Finally, the future of
this kind of projects is discussed through the emergence of Central Bank
Digital Currencies.
