#CryptoCorner: Libra Scrutinized in US, UK and Japan, Cuba Considers #Cryptocurrency
#CryptoCorner: Libra Scrutinized in US, UK and Japan, Cuba
Considers #Cryptocurrency
Point Roberts WA, Delta BC, July 3, 2019 -
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Stocks discussed: (NasdaqGS:FB)
DC-based consumer rights
think tank Public Citizen has published a letter
requesting a moratorium on Facebook’s (NasdaqGS:FB) Libra project. The letter argues
that Libra poses too many unaddressed risks, and seeks clarification on the
cryptocurrency’s relationship to: governance, national sovereignty, law
enforcement and taxation, consumer protection, privacy, competition and
systemic risk. The more than 30 entities that endorse the letter agree:
All
of us believe the risks posed by Facebook’s proposal are too great to allow the
plan to proceed with so many unanswered questions.
Also yesterday members of
the U.S. House of Representatives sent an open letter to Facebook requesting a cease to the
development of Libra. Addressed to Facebook CEO Mark Zuckerberg, COO Sheryl
Sandberg and Calibra CEO David Marcus, the letter cites concerns surrounding
“privacy, trading, national security, and monetary policy” affecting
“Facebook's over 2 billion users, but also for investors, consumers, and the broader
global economy”.
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.
It would seem that Libra
just can’t get a break. Reuters reports that Christopher Woolard,
executive director of strategy and competition at the Financial Conduct
Authority in the UK – the country’s financial watchdog – said the project’s
“size and scale will pose questions for society and government more generally
about what is acceptable and desirable in this space”.
And the trend continues
with Nikkei Asian Review reporting today that the
Bank of Japan (BOJ) is voicing concerns about the digital coin. According to
the report, an unnamed BOJ official stated that "It will move money into
an absolutely virtual world, so it is completely different than other forms of
digital payment”.
SBS News reports that the government of Cuba
is considering the use of cryptocurrency to alleviate economic troubles fuelled
by U.S. sanctions. This is similar to what Cuban ally Venezuela did with their
cryptocurrency Petro, though the latter’s experiment failed to stave of
economic collapse.
Sam
Mowers, Investorideas
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