#CryptoCorner: Reactions to Facebook’s (NASDAQ: $FB) Libra Following Announcement
#CryptoCorner: Reactions to Facebook’s (NASDAQ: $FB) Libra
Following Announcement
Point Roberts WA, Delta BC, June 19, 2019
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Stocks discussed: (NasdaqGS:FB)
CNN tech reporter
Brian Fung tweeted yesterday quoting
U.S. House Committee on Financial Services Chair Maxine Waters’ call for a halt
to the development of Facebook’s (NasdaqGS:FB) Libra cryptocurrency. Waters
expressed concern over Facebook’s track record with regard to privacy and data
protection, as well as what she deems the unregulated state of the crypto
market.
“With the announcement that it plans to create a
cryptocurrency, Facebook is continuing its unchecked expansion and extending
its reach into the lives of its users. The cryptocurrency market currently
lacks a clear regulatory framework to provide strong protections for investors,
consumers, and the economy. Regulators should see this as a wake-up call to get
serious about the privacy and national security concerns, cybersecurity risks,
and trading risks that are posed by cryptocurrencies. Given the company’s
troubled past, I am requesting that Facebook agree to a moratorium on any
movement forward on developing a cryptocurrency until Congress and regulators
have the opportunity to examine these issues and take action. Facebook
executives should also come before the Committee to provide testimony on these
issues.”
Similar skepticism
came from French Finance Minister Bruno Le Maire, who explained on a radio show
for Europe
1
the need for governments to receive “guarantees” from Facebook:
"I asked the central bank governors of the G7 to
report to us in mid-July, when the G7 Finance Ministers will be held, to tell
us what guarantees are to be obtained from Facebook. We have to make sure that
there is no risk for the consumer, it is our role as a state to protect
consumers.”
And the Financial
Times
reports that Bank of England (BoE) governor Mark Carney similarly felt that
Libra would need to be vetted by regulatory bodies. An excerpt from the piece reads:
“The governor said the BoE was there to guarantee
financial and monetary stability and would look at Facebook’s proposals ‘very
closely and in a coordinated fashion at the level of the G7, the Bank of
International Settlements, the Financial Stability Board and the IMF.’”
Given Facebook’s
enormous platform and the considerable institutional support for it, Libra is
already being perceived as a threat to existing cryptocurrencies including
Bitcoin (BTC). Bitcoin and
blockchain expert Andrea Antonopoulos categorically denies this in a YouTube
video
recorded on June 11, in which he claims that Libra is not even a real
blockchain.
“It doesn’t have any of the fundamental characteristics
of cryptocurrency. It doesn’t stand on the five pillars of an open blockchain,
in fact it has none of those.”
“An open public cryptocurrency is open, it’s public, it’s
neutral, it’s borderless, and it’s censorship resistant. All of these are
characteristics that stem from decentralization of control. Anything that’s
created by a centralized organization … can not achieve any of these five
pillars.”
Sam
Mowers, Investorideas
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