, 5 tweets, 5 min read Read on Twitter
#FB will soon learn that its vaunted plans for #Libra are going nowhere
#FB’s #Libra is like when the Gates Foundation spent $8mm on an “ewallet” for #Haiti after 2011. The app designers didn’t talk to 1 ordinary Haitian merchant,school, or remittance sender. They ended up begging Western Union + local banks to trade credits for cash. 1/n
#FB’s #Libra is just another “engineer-driven” app. #FB is not exactly belovef these days, having hacked democracy, + trust is everything in payments. The world’s central banks+ anti-money laundering agencies are not going to roll over + give up control to Zuckerburg. 2/n
#FB’s #Libra will need to add #China, #India, #Brazil, #SouthAfrica, #Nigeria +EU to their board to have a chance in key mkts. But all of these either hv CBks opposed, or strong local fintech+ bank incumbents, or both. 3/n
#FB#Libra also doesn’t really understand the cost structure of crossborder payments. Having lots of endpoints is only part of the story:
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