Facebook’s big announcement yesterday about its new Libra cryptocurrency answered some questions we all had about the project. It also triggered many new ones.
On The Information’s conference call following Facebook’s big reveal, a lot of subscribers focused in on a potentially fundamental conflict: whether the interests of Facebook and other for-profit companies operating the currency would run up against their pledge to use Libra to improve people’s lives. Call participants also wanted to understand how Facebook would fulfill its assurances around data privacy and access to participation in governance. Clearly, there is still skepticism around how the Libra Association and Facebook will be held accountable.