US Government vs. Facebook Libra

[bigcash2011]

Things seem to be heating up between US government and the facebook libra project lets see where it will all end but i think eventually facebook will have to bow down and we may see a very tightly regulated libra coin otherwise fb may have to stop the project if they try to avoid govt there.

[1715605527]

1715605527

[1715605527]

1715605527

[1715605527]

1715605527

[1715605527]

1715605527

[1715605527]

1715605527

[Tungsten-1]

The Facebook coin really threatens the US financial system. However, they will most likely find a solution (they will just take control of everything).

Yes, it is going to threat the power of the government money supply and the concept of trust over the government as a stake holder of the currency they print. But this is happening and I think the government would be able to implement regulations that is they would be in a position to influence Libra. However, since Libra is going to bank the unbanked, there is a huge sum of profit expected from the operations of the coin.

[Kemileye]

The government of US sees the crypto as a threat to the dominance of united states Dollar. The Libra coin is waxing stronger and the government are on the alert of the monopoly that may come with the roll out of Libra cryptocurrency. Libra has set to take off and I don't see anything stopping it.

[ashmodeus]

"Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

well , did that really came from them ?
i mean , how they can say like that.

for me, what will happen from libra coin will bring new era on money system.
but,the fact, it's still centralized,right ?

[crenfrosck]

Of course it does . Hillariously, Trump in his tweet is trying to attack crypto while all characteristics he has given to them can be applied to fiat currencies. At this point, I am not sure whether it´s funny or not... I consider Libra as an experimental attempt to oppose government-backed money (while privacy and usability is... meh). You can see how many negative reactions it gains. It only proves that what everyone is doing on this sector is right: as everyone would LOVE to control others, and crypto can prevent it to some point. It will be an interesting "reality show" to watch, I guess  .

[CC9234]

This entire situation is going to be interesting to follow. Although there seems to be a large void of intelligence and understanding of technology in our current president's administration which will create issues in bringing about a greater understanding to the elected government officials.

Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

Now this is a weird statement.
Libra won't be a threat to the US dollar because the libra price will be tied to the US dollar price(if the rumors are right about that).However,it's always good to have a constructive discussion about that topic.Zuckerberg will be obligated to reveal his true intentions about this new facebook currency.

[glennmatthew]

governments fear everything they cannot manipulate or control. even the banks fear Libra and cryptocurrencies. the banks have probably pressured governments to intervene. let us remember, however, that Libra is not truly decentralized.

When it comes to LIBRA, it is not the decentralisation that the governments are afraid of. They are afraid that the centralisation of money is moving out of their control.

I predict that LIBRA will take over monetary supply in the whole world within 50 years.

If you think about it, it is both good and bad in many ways.

[drumamat]

A lot of noise around the Libra coin.I think even if it starts to exist it will not be in too great demand.In my country, almost no one uses Facebook.In this situation, I'm just wondering how things will develop further.If Facebook succeeds then undoubtedly all platforms and all sorts of businesses will massively create their own coins.

[Pecunia non olet]

Trump tweeted that he is not supporting any cryptocurrency and also he is not confident with Libra. We will see if Libra sometimes succeeds.

[Nasonn]

Facebook Libra may likely not see the end of the day, it will take an ample lot of convincing and tweaking for it to be granted the permission to launch.

[marcbitcoins]

As Facebook is already questioned by the US Government regarding data privacy issue so i think this was in some point related to this issue. Facebook libra will abide the regulation policy thru KYC once launch so i think the US government is just vigilant to ensure that the data privacy will be protected.

[ub27]

Firstly, US government is giving the impression that it's trying to protect its citizens from the bad sides of crypto according to the authorities, but in the real sense, they are scared of what will happen if the world starts using LIBRA.  Maybe it might have a negative impact on US dollar and also people won't be paying taxes as they ought to.

[Bitcoinjheta]

Trump tweeted that he is not supporting any cryptocurrency and also he is not confident with Libra. We will see if Libra sometimes succeeds.

Adding more concerned that took the government in US and President Donald trump to hold and find its ways not to regulate Libra unless they are not solve the problem addressing anti-money laundering and know-your-customers issues.

[michellee]

When politics wants to come to the cryptocurrency, I think we will see there are so many interests from the politicians that want to control the cryptocurrency. I think the US governments warn Facebook that they want to control facebook indirectly and I think they will do that by secretly. We don't know what the US governments plan to Facebook, but so far, we know that they want to control many things in all countries.

[Herbert2020]

What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?

no it doesn't. bitcoin is threatening their monopoly, what Facebook coin can do is to threaten banks monopoly in processing money transfer and do that without a license. and that is the big scare they have, they want to have the power of controlling all the USD money transfers and take the taxes, fees and not to mention all the information they gather about who has what amount of money and where they spend it.

[pinoyrichkids]

Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.

What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?

"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf

Maybe the government has fear on it, because we all know how facebook itself dominates in the world in terms of business, then now they will be introducing a new stablecoin called libra, it could be possible and might be its a threat for US financial system, im not really sure, because libra is not yet out in the market this time.

[Leyss]

While I do not have a single opinion about the Libra coin, however, I will be happy to watch as one of the world's financial giants conflicts with the US government because of the information and financial impact on the population of the Earth.
The emergence of such a coin as Libra can have far-reaching consequences. This is already understood in the US Congress. Moreover, for the cryptocurrency, this coin will have both a positive and a negative role.

[profitgenerator212]

I see that America is upbeat about the Libra coin. Even President Trump specified that Facebook and Zuckerberg will have to obtain a banking charter and subject the Libra coin to every conventions and regulation under the US law. While it is fair, I still believe that America and Trump is conscious of their actions because Libra coin may consider launching from Malta or other cryptocurrency friendly countries

[rhayot]

I think Washington's handling of the Iran situation is more important. The oil supply agreements with Iran and Saudi Arabia led to the US dollar taking over from Sterling after the Second World War. Russia seems to have taken over OPEC, and Venezuela and Iran are likely to side with China to allow the Renminbi to replace the Dollar. A government backed "crypto" is likely to be more popular than FaceBux, especially as Facebook seems to be on the skids at the moment, as a result of their censorship.

This is my opinion, and don't forget that I believe that Satoshi is/was a department in a central bank.

I kinda agree with your opinion esp. the tension between Iran/China-US tension in economy trade. And facebook plans to creat their own digital money and partnered with several huge companies such as Visa, Mastercard, Ebay, Uber and etc.

[Sendi blackspade team]

I see that America is upbeat about the Libra coin. Even President Trump specified that Facebook and Zuckerberg will have to obtain a banking charter and subject the Libra coin to every conventions and regulation under the US law. While it is fair, I still believe that America and Trump is conscious of their actions because Libra coin may consider launching from Malta or other cryptocurrency friendly countries

Libra has been supported by large companies in the world. not just one or two. they joined and supported Facebook launching libra next year. this will be a big break in the market, we will see how the libra will be prepared for the crypto community.