Regs Rock Rules Out Cryptos 🚧
Regs Rock Rules Out Cryptos
Policymakers around the world have upped the pressure on Libra, the digital currency being introduced by Facebook, amid concerns it could heavily disrupt the global financial system.
Earlier this week, European Central Bank (ECB) board member Benoit Coeure warned that virtual currencies like Libra “could challenge the supremacy of the US dollar.” Couere’s comment appeared to echo a concern from POTUS Donald Trump, who earlier this year said Libra would have “little standing or dependability” and that the “only one real currency” in the US is the dollar.
It appears to be a running theme from a number of regulators and lawmakers, who worry the Libra would compete with government currencies. That’s because Facebook is such an influential platform, with more than 2.4 billion monthly active users as of July 2019. And the companies it’s partnering with in a Switzerland-based consortium known as the Libra Association include giants like Uber, Visa and Vodafone. Will corporates really end up ruling the world? Governments and judiciaries will need to wise up and keep them in check!