Don’t Trust Facebook

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. ….[READ]