Washington Post

Facebook's Libra cryptocurrency is part of a disturbing financial trend

FILE PHOTO: A 3-D printed Facebook logo is seen in front of displayed binary code in this illustration picture, June 18, 2019. REUTERS/Dado Ruvic/Illustration/File Photo

In June, Facebook announced plans to effectively create its own alternative currency called Libra - and, eventually, a financial system to go with it. The proposal was so galling in its hubris that it sparked bipartisan outrage across our polarized political spectrum. Libra was, of course, cloaked in corporatespeak that implies lower costs and more freedom for consumers and businesses through ”innovation” or ”inclusion” or ”synergies.” But given Facebook’s abysmal track record, lawmakers are justified in their skepticism...

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