Libra could be a Trojan horse and Europe is actually paying attention. Just when you think you’ll get Zuck-ed again, Europe actually has some sense. Facebook’s Libra pitches to be the future of money, but not everyone is raving about it.
Facebook has already abused their power and our trust (not to mention our data) and now we want to trust them to bank the unbanked? It’s a special kind of insanity when Silicon Valley tries to hack the world and crpyto.
Europe has been for a long time calling for tighter regulation of the social-media giant, while the U.S. has more or less been failing at tech regulation for more than a decade.
Mark Zuckerberg’s public image is sort of tarnished and even new top Grads don’t want to be associated with Facebook.
That means this pet project Libra is so ambitious it makes them sound like they want to “become a sovereign currency”. A stablecoin disrupting fiat currency? You never know, in the internet the U.S. has created, just what’s in store for us years from now.
French Finance Minister Bruno Le Maire said the digital currency known as Libra shouldn’t be seen as a replacement for traditional currencies. So to say that Europe is wary of Facebook’s “Libra Association” that’s taking up a cryptocurrency challenge and its banner would be an understatement. The Libra Association companies are basically a coalition of U.S. payment and tech companies.
The Libra Network could also damage banks and their bottom lines. If sending digital money on WhatsApp has no fees and can even get me interest, Facebook might just become a convenient bank with its Calibra wallet.
European financial leaders vowed vigilance after Facebook announced it was diving into the cryptocurrency market, as analysts warned the social media giant could face major regulatory questions.
Facebook’s warped sense of what is good for the world is already well documented, I think.
The Lightning Network folk are probably best buds with the Facebook crypto overlords. They see Libra being good for Bitcoin, and that’s a win-win for all of these crypto influencers and fake news (biased) publications.