Facebook’s Libra cryptocurrency: where are the banks?

When looking at a new money or payments system meant to replace an old one, one need only look at who is missing from the list of partners to understand what is being replaced. In the case of the Facebook-led Libra Association, which was unveiled today, the missing link from our current financial world is glaring: there are no banks!

There are payment networks galore, including Visa, MasterCard and PayPal, three of the largest networks in the world. These companies can help route transactions and support merchant and P2P acceptance, eg last mile transfer to personal wallets and merchants.

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