(FILES) In this file photo taken on May 1, 2018 Facebook CEO Mark Zuckerberg speaks during the annual F8 summit at the San Jose McEnery Convention Center in San Jose, California. - Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages."Libra" -- described as "a new global currency" -- was unveiled June 18, 2019 in a new initiative in payments for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream. Facebook and an array of partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year. (Photo by JOSH EDELSON / AFP)
Tom Holland
Opinion

Opinion

Abacus by Tom Holland

Why Facebook’s answer to bitcoin and WeChat Pay, libra, is doomed to fail

  • Mark Zuckerberg is hoping to take on Tencent’s WeChat Pay and thinks he has found a way around the problems faced by bitcoin
  • He hasn’t: consumers will have no incentive to use libra, governments have every reason to oppose it

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(FILES) In this file photo taken on May 1, 2018 Facebook CEO Mark Zuckerberg speaks during the annual F8 summit at the San Jose McEnery Convention Center in San Jose, California. - Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages."Libra" -- described as "a new global currency" -- was unveiled June 18, 2019 in a new initiative in payments for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream. Facebook and an array of partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year. (Photo by JOSH EDELSON / AFP)
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