Facebook’s Libra Cryptocurrency isn’t Actually Cryptocurrency

Libra

If you want a genuine cryptocurrency experience, don’t look to Facebook.

The social media giant has lately made headlines around the world for introducing its Libra cryptocurrency and related nonprofit Libra Association. The popular understanding is that Libra is Facebook’s response to Bitcoin, Ether, and other popular crypto coins—it’s a new way to transmit value on the blockchain. It’s understandably being called a “cryptocurrency.”

Except it’s not a standard cryptocurrency at all.

Libra is a permissioned digital currency quite comparable to stablecoins that already exist

There’s already a whole ecosystem of price-stable …

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