It was only a matter of time before Facebook barged into the payments and money transfer industry. On Tuesday, the tech giant duly published a set of papers on its new venture, a supposedly blockchain-based "cryptocurrency" called Libra.

It is fair to say the launch did not go as well as Facebook may have hoped. Regulators and policymakers pounced on Facebook's initiative, instead of embracing it. French finance minister Bruno Le Maire underlined that Libra would not be allowed to supplant government-backed currencies; Bank of England governor Mark Carney warned that it could become "instantly systemic" and would consequently be