Why I welcome the collapse of Facebook’s currency

When Facebook announced details earlier this year of a global digital currency called Libra — backed by a roll call of other corporate giants — I declared myself a sceptic on the grounds that behind its libertarian sales pitch, the concept was really ‘a power-grab for cash balances and personal data out of the conventional banking system’. Furthermore, ‘since when did any project originated by Mark Zuckerberg and his pals have the good of the world as its prime objective?’

So I have enjoyed watching Libra start to unravel after the withdrawal from its ‘governing association’ of partners such as Visa, Paypal and eBay, and a warning from another, Vodafone, that the project will flourish only if it distances itself from Facebook (which was also criticised this week for paying only £28 million of corporation tax on £1.6 billion of UK revenues).

The idea that Libra will be a ‘stablecoin’ — designed for minimal volatility, unlike other cryptocurrencies — has cut little ice with critics.