New York (CNN Business) "Mild horror" is an appropriate reaction to Facebook's cryptocurrency plans, says Scott Galloway, a marketing professor at NYU's Stern School of Business.

"We are rightfully concerned," Galloway told CNN's Julia Chatterley on "First Move" Monday morning, in a discussion also about his new book "The Algebra of Happiness: Notes on the Pursuit of Success, Love, and Meaning."

"To take over society is three legs of a stool: First you get control of the media, then you get control of the money and that leads to control of the military," Galloway added. "Facebook has not done a great job of taking control of the media ... Do we really want to give them control of the economy and our money right now? Buyer beware."

Facebook FB He criticized Libra, a digital currency Facebook announced last month that will be managed by the independent nonprofit Libra Association in Switzerland, to grow's power and influence. That's something regulators and others were worried about even before the Libra announcement , as Facebook has come under fire for issues like its failure to protect user data and foreign actors' use of the platform to interfere in the 2016 US presidential election.

Facebook's 2.4 billion users around the world positions Libra to be adopted by a much wider audience than other cryptocurrencies. This could mean Libra has a shot at becoming a new default currency like the dollar or the euro, Galloway said, which could have serious implications for the global economy because it would not be managed by a central bank like traditional currencies.

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