What should we make of Facebook’s sudden foray into the world of digital money? But how could they compete with the chance of breaking – once and for all – the global financial system? It’s tempting to misread Facebook’s move into finance as yet more proof of its infinite chutzpah and shortsighted arrogance. Without a strong presence in payment services, Facebook would not be able to take on Tencent or Alibaba in foreign markets. With the launch of Libra, Facebook might also be acknowledging, however subtly, that its business model will be changing soon.

Source: The Guardian June 22, 2019 06:00 UTC