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Lionel Laurent

Mark Zuckerberg Struggles to Keep Libra Alive

A cryptocurrency run by central banks might be better than one run by Facebook and friends. That still doesn't make it a good idea.

What price the Zuck buck?

What price the Zuck buck?

Photographer: Andrew Harrer/Bloomberg

Mark Zuckerberg’s cryptocurrency project, Libra, has become the regulatory equivalent of a pinata: Everyone is lining up to hit it with a stick. France’s finance minister Bruno Le Maire calls it an assault on sovereignty and a risk to financial stability, an attack backed up by his German counterpart Olaf Scholz who dubbed it a “parallel currency.” You can see their point.

Across the Atlantic, U.S. Democrats and Republicans — including President Donald Trump — have called for tough scrutiny of the Facebook Inc. payments system, whose potential 2-billion strong user base could threaten the U.S. dollar’s supremacy.