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Why Facebook’s Libra Is Not A Cryptocurrency, And Why It Is Doomed To Fail

In June 2019, social networking giant Facebook announced plans to develop its own cryptocurrency for use in online transactions, the Libra. The Libra was structured as a partnership between Facebook and leading payments providers like Visa, Mastercard, and Paypal. It was supposed to become the world’s first truly respectable cryptocurrency.

Less than a year later, Visa, Mastercard, and Paypal have all ditched the project. The only non-Facebook tech heavyweights remaining in the Libra Association are Uber, Lyft, and Spotify, and the reason is obvious: they all sell on Facebook. Expect them to take Libra, but don’t expect them to promote it.

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Published inAll ArticlesThe National Interest
Sydney-based globalization expert Salvatore Babones is available to speak on the Chinese economy (demographics, growth, technology), the Belt & Road Initiative, global trade networks, and Australia-China relations. Contact: