How Facebook can win the global currency battle

By:
Peter Lee
Published on:

Regulators, politicians, competition authorities and central bankers have all been outlining objections to the Libra project from the first day Facebook announced plans to let its 2.4 billion users exchange payments in a new virtual currency. Don’t be taken in. Facebook wants the burden of compliance with all those KYC, AML and CFT rules. Being able to identify what its users are paying for is a treasure trove. The banking system and the world’s central banks, as the more enlightened already see, had better gear up for new competition.