“The question that has been motivating us, is can we do for money what the internet has been doing for information?,” noted Kevin Weil, co-creator of the Facebook-led digital currency Libra and  VP of product for Facebook subsidiary Calibra. “The financial system feels a little bit similar to what the telco system did 25 to 30 years ago — it’s a relatively closed system, high barriers to entry, not a lot of competition, it’s tough to innovate, and it’s expensive for people.”

This has emerged as a core part of the prevailing Libra narrative, as Facebook looks to convince the world that a new “decentralized,” digital financial system led by Facebook is a good idea. Building on a theme previously by Calibra head David Marcus, Weil

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