Last week Facebook announced the launch of Libra, a new global cryptocurrency and financial infrastructure built on blockchain technology, and the associated new digital wallet called Calibra. Facebook claims it is creating a more “inclusive” financial ecosystem “that empowers billions of people”. The aims of helping the unbanked, reducing remittance costs and making peer-to-peer (p2p) payments easier all seem very noble. But is that really the case?
In this blog, Shikko Nijland and Douwe Lycklama from INNOPAY explain why Libra is not merely about transactions; it’s also about trust to a certain extent, but mainly it’s about world dominance.