Facebook’s Libra coin is a symptom of banks’ flaws
Between data breaches, hate speech and smear campaigns, Facebook has set a standard of sorts in Silicon Valley scandals. A new blockchain-based currency, Libra, is an odd choice to change that image. Such digital assets are known for volatility and criminality.
Yet the meeting of big tech and fintech represents a challenge to traditional banks. Facebook hopes to exploit their flaws, most notably slow and expensive transactions. There are good reasons to remain wary of Facebook, but a digital shake-up of banking is long overdue.