@BobK71
Why worry about FB coin? Most countries won't allow this coin. Some countries have already started to be clear saying FB won't be able to issue coins here. The minority who will be using this currency will be from tier 3 countries, I bet you won't see it in westerner countries.
Also it's easy to block FB currency since there is a company behind, while because it's not possible.
As Libracoins are backed through western Gov Bonds too, Govs will be more than happy to help Libra.
They have found a big new source to finance their debt.
Sometime politician's opposition is put up just in order to save face, in which case it is just fake opposition.
Do you prefer to trust a company or a government with your money?
That's not the point Gaulois.
The question was, will Govs block Libra or not.
You say yes, I say no, and explained why
It doesn't work like that where a FB is bought for $1, it's not going to reduce countries debt. Otherwise, it would have been done a decade ago.
As per Whitepaper, Libracoins will be backed by the major currencies and by gov bonds of countries "known for their financial stability".
Let's say, 1 Libracoin = 1$
It works like this:
Gaulois buys 1LC for $1 --> Libra's management buys $1 of currencies and Gov bonds --> 1 LC get issued to Gaulois.
Will Libra's management buy 0,5 $ and 0,5 Treasuries?
0,3 €, 0,3 $, 0,3 German bonds, and 0,1 Treasuries?
0,2 Yen, 0,2 Japanese bonds, 0,4 French bonds, 0,2 Euros?
Libra's management will decide.
Point is, with your $1 they will buy a basket composed of currencies and Gov bonds.
With a portion of your $1 they will finance some Govs.
The countries debt doesn't get reduced, it get financed.
It wasn't done a decade ago because a project like Libra didn't exist a decade ago.
Most EU countries, for example, are hunting FB because the company abuses the EU.
Most EU countries are hunting FB because they don't get any money out of it.
Up until now, FB taxes --> USA.
Did you think EU Govs care about the rights of their citizens?
Do you think EU countries will let FB coin issued in the EU?
Yes, as long as they will get assured that Libra will finance them in a substantial way.