Facebook’s venture into cryptocurrency is a terrible idea | Washington Post

From another timely Libra reality check

"Facebook wants Libra’s users to be people in developing countries without ready access to banks. But a growing number of such countries already have cellphone-based digital payment systems, such as M-Pesa in Kenya, against which Libra will compete — and presumably destroy.

Beyond this, who might be tempted to exchange a dollar in the bank for an equivalent amount of Libra? Most obviously, individuals and organizations engaged in money laundering, tax evasion and terrorist financing who value the anonymity of crypto-based transactions.

To address these problems, Facebook will have to track the identity of all those holding Libra. To identify bad actors, it will have to scrutinize their transactions. Leave aside its dubious promise to shield this information from its own social media and advertising arms. Do we really believe, given Russian manipulation of such platforms, that Facebook and its partners are capable of recognizing money laundering when they see it and searching it out when they don’t?"

Facebook’s venture into cryptocurrency is a terrible idea | Washington Post