The idea of the world’s most powerful social network controlling a global currency was always going to face opposition. As it meets with backers on Monday, Facebook is realising just how much. PayPal has already withdrawn its support, while critics have raised a litany of concerns about potential economic havoc. Digital transformation in banking is welcome, but regulators are right to argue that Facebook has yet to make the case for its own e-bucks.

Libra — billed as a “stablecoin”, pegged to a basket of currencies — was sold as a disrupter that could bank the unbanked and slash transaction costs and times. But members of the Libra Association, due to formalise their commitment in Geneva tomorrow, are already losing their nerve. Earlier this month, payments service PayPal was the first to depart. This Friday, Mastercard, Visa, eBay, Stripe and Mercado Pago followed suit, following substantial political pressure in the US.

The upheaval reflects Facebook’s inability to demonstrate it has taken key steps to make its system safe. Last month, French finance minister Bruno Le Maire said he was unconvinced that Libra was adequately designed to stop money laundering. Cryptocurrencies already have a reputation for illicit usage due to a lack of oversight; a system of the scale Libra envisages would amplify the risk.