New York, June 25 -- Facebook's Libra cryptocurrency has taken a lot of criticism from Western government officials and media commentators - but it's not meant for them. A major target market for the Libra is users in developing countries.

From researching cryptocurrency, blockchain and other technologies in the context of developing countries, I can see that digital payment systems are already attractive. Libra may potentially be even more so, because Facebook has the money and technological advances that could make Libra easier than many existing methods.

A huge market opportunity

Most of Facebook's 2.4 billion users, and the 1.5 billion users of Facebook-owned WhatsApp, live in developing countries.

India is WhatsApp's biggest mark...