As Facebook’s Libra Loses Its Relevance, What’s Next for Global Payments?
The Libra Association has confirmed its original plans are now officially abandoned
It’s no secret that I have never been a fan of Facebook’s ‘cryptocurrency’ project — dubbed ‘Libra’ — ever since it was announced on June 18th 2019. That’s less than a year ago and already the world is almost unrecognizable from where it was then.
But so, as it turns out, is Libra itself.
When the concept was released to the public, it came with enormous fanfare and boasted an impressive list of partners including PayPal, Visa, MasterCard, Stripe, Vodafone, Lyft, Spotify and Uber among others.
Bitcoin lovers hailed it as a positive as it would introduce more people to the idea of a digital currency which may act as an on-ramp to the flagship cryptocurrency, and Bitcoin haters equally embraced it because it was, well, simply ‘better’ than Bitcoin. However, I remain convinced that this latter group had probably never read the white paper of either asset since they were never designed to do the same thing in the first place.
However, there were many, including myself, who were troubled by the whole thing from the start. I genuinely tried to remain open-minded as I researched it, but it…
