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How a Fatal Weakness Forced Libra to Capitulate

While Bitcoin created an alternative financial system independent of government, Libra’s architecture depends on the existing fiat currency system – and on the whims of the governments that control it.

By Frances Coppola

Updated Sep 14, 2021, 8:47 a.m. Published Jun 2, 2020, 1:35 p.m.

CAPITULATION? U.S. lawmakers grilled Libra board member David Marcus last year. The consortium has overhauled its plans. (Credit: House Financial Services Committee)