Don’t Trust Facebook
The Libra project could help the global poor. But at what cost?
by Annie Lowrey
Oct 24, 2019
4 minutes
A revolutionary technology innovator is tackling one of the best-known and least tractable problems in financial inclusion, for the benefit of the global poor. A rapacious business monopoly with a history of offering dangerous products is creating an exotic financial instrument that falls in a loosely regulated and systemically important space.
The former narrative is the one Mark Zuckerberg presented to members of the House Financial Services Committee during a hearing yesterday on Facebook’s Libra cryptocurrency and remittance project. The world’s existing financial infrastructure is failing the country’s and the world’s poor, he argued. The tech giant, in
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