Facebook's Libra project is something for suckers anyway. What benefits does a centralized, e.g. non distributed, crypto provide over credit cards and a database? It certainly isn't censorship resistant, people will be banned or shadow banned from Libra on the basis of their beliefs. It reminds me of the petro in Venezuela. A bunch of centralized control freaks who can't tolerate people being free to make their own decisions.
Eventually the solution will be to remain in bitcoin and other cryptos instead of attempting to cash out to be scrutinized by the "authorities."
It offers quite an interesting insight in how governments react to something they consider an actual threat to the financial system. It hasn't happened before where their own fiat currencies were challenged by a non government entity, where even Bitcoin hasn't triggered them one bit because it has no mass appeal as currency yet.
Bitcoin so far has had an easy ride just because of that. I seriously believe that the US government might halt Libra or make it so that it isn't allowed to be used within the US. It's showtime.
I don't think they necessarily want to stop Libra, most likely they are looking for ways to make it beneficial to the government - obligate Facebook to share transaction data, tax international transactions and so on. And ironically, maybe Libra will make them also regulate cryptos, by applying similar regulations to exchanges and crypto companies - I can already imagine how people will be saying that Libra was a trojan horse made to trigger crypto regulation all along.
