Countries vie for cryptocurrency supremacy as Libra tips scales

Mark Zuckerberg had barely settled into his seat in front of the US House of Representatives financial services committee in October when the grilling began.

No niceties were afforded the Facebook chief executive. Very quickly, members from both sides of the political divide went on the offensive. Facebook, he was brusquely told, should be broken up. Libra, its cryptocurrency project, was being deserted by its backers and he should put it on hold until a regulatory framework was in place.

Announced with a fanfare in June, Libra has rapidly become the benchmark for governments’ attitudes to crypto assets. Although politicians and regulators have kept up with developments in so-called stablecoins, Mr Zuckerberg’s intervention with Libra — promising cheaper and faster money transfers — concentrated minds.

Investors view cryptocurrencies with a mix of curiosity, scepticism and fascination. Curiosity, because any disrupter deserves attention, particularly one based on the…