I’m not sure what problem Facebook’s newly proposed cryptocurrency, Libra, solves. For those with a bank account and credit card, Libra solves no problem. For the unbanked, theoretically it’s great, but how do you buy Libra absent a credit card or a bank account; Facebook doesn’t take cash. Facebook’s attempt at skirting regulatory oversight is failing spectacularly, and its security/privacy failings are legendary. Libra is minimally years away from operating.