Why Facebook’s Libra Is not a Cryptocurrency, and Why It Is Doomed to Fail

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.