Facebook’s cryptocurrency won’t help the poor access banks. Here’s what would.
“When Mark Zuckerberg testified before Congress to advocate for Libra, Facebook’s new venture in blockchain currency, he cast it as a way to alleviate global poverty. Millions of people in the United States, and billions worldwide, lack access to basic banking services in what he characterized as a “stagnant” and exclusionary financial system. “It’s failing them,” said the Facebook chief executive, later adding, “The Libra project is about promoting financial inclusion through a safe, low-cost and efficient way of sending and receiving payments around the world.”