can libra upset world economy if not regulated ?

[daporivera]

since the past few months, Facebook decided to launch its own coin, they have been a lot of controversies, as some compared the altcoin directly with bitcoin.

one of its major controversy is if it can upset the world economy, if not regulated.  The worry of majority is  prospective firm having as much power as countries in creating a means of payment. 

According to Benoit Coeure, Global stable coin could boost competition in payment sector, reduce fees for consumer and support greater financial inclusion, but warned it might undermine the effort to clamp down on money laundering, terrorism financing and tax compliance.

Is Facebook launching a stable coin on a global scale without regulations harmful to world economy?

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[Red-Apple]

it can not be created unregulated. there is simply no way! the reason is also pretty simple, because it is centralized! the government has an entity to put pressure on and force anything they want on them exactly because of that  so they will have no other way to be regulated. and that is assuming the government is going to allow Libra to even be created and exist.

will it upset anything? no! does PayPal upset anything? that is a stable coin too and pegged to US dollar. so there is no difference in this new one either.

[tabas]

Yes it's harmful for the gov't because if people will lean on facebook's stable coin, then who's going to use dollars anymore? that's why they are threaten and they are hearing the facebook's management regarding this matter. But if the gov't just want to tie up with the project, they can also do that because it is centralized.

[hongus]

In general, the very idea of cryptocurrency undermines the financial sector. Because this is a different world where banks and governments are not able to control this market today. For this, of course, any projects of such scale lead us to a new world. However, countries may simply ban cryptocurrencies. And back to the usual banking systems.

[knuckey]

Obviously libra will be regulated by their government, it is impossible for the United States to leave it alone, because they do not want to lose taxes and other benefits. But more importantly libra will not upset the world economy and libra will be the same as other centralized payment instruments based on dollars.

[aioc]

They are having a hearing on this and the US government will not allow such thing to happen, because Facebook is operating in their territory they will give them a lot of compliance rules and will be heavily regulated, this is to make sure that Facebook will not undermine the dollar.

[TastyChillySauce00]

since the past few months, Facebook decided to launch its own coin, they have been a lot of controversies, as some compared the altcoin directly with bitcoin.

one of its major controversy is if it can upset the world economy, if not regulated.  The worry of majority is  prospective firm having as much power as countries in creating a means of payment. 

According to Benoit Coeure, Global stable coin could boost competition in payment sector, reduce fees for consumer and support greater financial inclusion, but warned it might undermine the effort to clamp down on money laundering, terrorism financing and tax compliance.

Is Facebook launching a stable coin on a global scale without regulations harmful to world economy?

Imagine how much money will escape certain countries to facebook's pocket? Libra is a centralized crypto and the one who issues that coin will hold the power, such a thing is dangerous if they are just bunch of greedy people controlling some percent of world money, we got enough with all those ultra rich people that rule over more than a half the country's economy. Libra if not regulated will just add another problem, that's just my 2 cents.

[fzatni]

since the past few months, Facebook decided to launch its own coin, they have been a lot of controversies, as some compared the altcoin directly with bitcoin.

one of its major controversy is if it can upset the world economy, if not regulated.  The worry of majority is  prospective firm having as much power as countries in creating a means of payment. 

According to Benoit Coeure, Global stable coin could boost competition in payment sector, reduce fees for consumer and support greater financial inclusion, but warned it might undermine the effort to clamp down on money laundering, terrorism financing and tax compliance.

Is Facebook launching a stable coin on a global scale without regulations harmful to world economy?

if it is said to disturb the world economy it doesn't seem to have an effect that far as you say it is dangerous if there are indications of money laundering, terrorist funding, non-tax compliance.  I more see America just wants to profit from Libra coins

[bitsurfer2014]

Libra can indeed upset world economy by displacing the economic powers often wielded by few Governments lead by the U.S. and its almighty dollar. The world's big economies backed by fiat often have direct influence in world matters and Libra's existence can have a detrimental effect on its current state  and it could be chaotic since Libra is perceived to be a centralized entity controlled by a few individuals only.

[Yudhisthir]

since the past few months, Facebook decided to launch its own coin, they have been a lot of controversies, as some compared the altcoin directly with bitcoin.

one of its major controversy is if it can upset the world economy, if not regulated.  The worry of majority is  prospective firm having as much power as countries in creating a means of payment. 

According to Benoit Coeure, Global stable coin could boost competition in payment sector, reduce fees for consumer and support greater financial inclusion, but warned it might undermine the effort to clamp down on money laundering, terrorism financing and tax compliance.

Is Facebook launching a stable coin on a global scale without regulations harmful to world economy?

It would be really early to decide whether it would be harmful or not. But we should move forward to new technology that makes our lives easier.
If globally adopted, Libra could challenge the current financial system and cause drastic changes on how countries do their finance and how the government collects taxes.

[MikeyVeez]

Libra will not be launched without regulations.
Look how many times in the history alternative money has been created and how many has survived? E-gold, Liberty dollar and so on..

[Mr.Ease]

Libra is a centralized project.

As stated best: If Libra complies with all regulations across the world it will just end up being a blockchain based "paypal" and nothing more.

[Mr.Ease]

Bro. Libra has to be regulated... Its a centralized project.

FB is not going to skim around regulations and put the cash cow Facebook on the line for some stupid crypto.

They will do it the right way because they have to or suffer major consequences. This is also a good thing.

As for money laundering and illicit uses... Nothing will ever compare to the all time champion - US dollars.
USD is universally accepted, easily washed, and valuable.

More drugs are changed hands through USD than Libra could ever aspire to.

Simply: i doubt libra will be the go to choice for illegal activities.

[yangongear]

Libra will not affect the world economy. And it will be regulated if you want to be released. As David Marcus himself told the Senate, if Facebook does not do so, many other companies will also join the crypto market. It is only a matter of time.

[Mpamaegbu]

Of course, you and I know that the existence of  Libra will definitely upset world economy if it's not regulated? BTW, what kind of regulations or censorship can this even take, to start with? We already have seen how the entire world is influenced and enchanted with Facebook. So, I expect this same level of patronage for Libra once it debuts.

[ck343]

Is Facebook launching a stable coin on a global scale without regulations harmful to world economy?

According to Reuters, French finance minister Bruno Le Maire told a news conference on July 18 that the G7 “cannot accept private companies issuing their own currencies without democratic control.”

https://www.zerohedge.com/news/2019-07-18/libra-will-upset-world-economy-if-it-isnt-regulated-tightly-g7-warns



What kind of "democratic control" are central banks subject to?

 

[Leyss]

Coin Libra can only be centralized. It is issued as a stable coin and issues its Facebook under the provision of more than twenty different ordinary currencies and securities. Therefore, it can only be centralized.
Moreover, Libra may not appear at all, since the G-7 countries are now actively taking legislative measures to do this.

[shulc7]

It seems to me that the world economy is not threatened by Libra.  But for some reason the United States is very afraid of libra.  Because I read articles that the US wants to ban it.

Libra seems to be a more realistic alternative to traditional currencies and money transfers. Donald Trump criticized cryptocurrencies and recommended to Facebook to obtain banking licenses and work within the framework of banking regulation. He understands that Libra will become a serious rival of the dollar and it can negatively affect national banking.

[bigcash2011]

I would love to see libra as a truly decentralized stablecoin but with the current events and happenings it seems like it will be a fully centralized and taxed asset with full control of authorities otherwise they will not let fb launch this coin, this is what i am foreseeing about libra.

[Miy Monk]

Whether Libra regulated or not by the authority I don't think it'll upset the economy. As we know the US want to ban it. I hope it'll bring something good as stable coin.