Facebook’s Libra will not help the unbanked

FOR the last century, new communications technologies – radio, television, VCRs, the Internet – have all been initially sold as something that will help with education, and have actually been used for entertainment. We suggest a corollary for new financial technology – it’s initially sold as something that will help the unbanked, and it’s actually used to sell drugs (or to pay for people to smash eggs on themselves).