permissioned-blockchain

This chapter chronicles the early development and public unveiling of Facebook's cryptocurrency project, Libra, from initial internal discussions in 2018 to the formal announcement in June 2019. It details the strategic formation of the Libra Association with selected partners, the rationale behind choosing a stablecoin on a permissioned blockchain, and the regulatory and industry skepticism that followed the announcement. The chapter highlights Facebook's attempts to balance control with decentralization claims, the hesitancy of major financial institutions to participate, and the immediate global regulatory backlash.

The chapter critically examines Facebook's Libra project through its white papers, revealing ambitious goals of creating a global digital currency for financial inclusion but exposing significant flaws such as centralized control, lack of true decentralization, and unresolved blockchain scalability issues. It highlights the Libra Association's governance structure and the synthetic nature of the Libra token as a shadow banking instrument, while emphasizing the ideological motivations rooted in libertarian and anarcho-capitalist ideals that challenge regulatory frameworks and pose risks of economic destabilization through Libraisation.