Facebook’s cryptocurrency could fail before its even launched

You may have heard – there’s a European summit next week.

I don’t want to overstate the matter, but it’s kind of a big deal. As one French minister put it recently, the “sovereignty of countries is at stake”. So is the future of an ambitious dream – although many would call it a nightmare.

As so often in these polarised times, there’s precious little middle ground between the two camps.

To make matters more complicated, a crucial player has just gone back on an agreement to take part. Will this be the day the whole project collapses? Or the moment it finally gathers momentum, even in the face of bitter opposition?

I am talking, as you’ve no doubt guessed, about the Libra Association Council.

The body convened by Facebook to oversee its plan for a global cryptocurrency is holding its first meeting on 14 October in Geneva, Switzerland – and, while it’s too early to call the summit “do or die”, it’s looking increasingly critical.

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