Facebook's 'Libra' cryptocurrency may not take off due to heavy regulation in the US and its own poor privacy record, but the world's other cryptocurrencies aren't restricted by the same rules
A screen the reads"If Consumers Use Libra, Who Would They Be Dealing With?" is displayed with questions on potential user actors as David Marcus, CEO of Facebook's Calibra digital wallet service, foreground, appears before a House Financial Services Committee hearing on Facebook's proposed cryptocurrency on Capitol Hill in Washington, Wednesday, July 17, 2019.
"If people are using Libra as stored value and holding a lot of money in it, you might have less effective monetary policy," said Martin Chorzempa, a research fellow at the Peterson Institute for International Economics. Hoping to avoid the wild swings of other virtual currencies, Libra would be governed by a non-profit association backing up the coin with a basket of major global currencies.
US Treasury Secretary Steven Mnuchin has said that Facebook must meet "a very high standard before they have access to the financial system.""One has to wonder how much more criticism Facebook wants to take before it cuts bait," said Nicholas Colas of DataTrek Research.Facebook argues, and many experts agree, that if Libra fails, other digital currencies will gain traction — something that is already happening.
Chorzempa said that China's WeChat and Alipay have helped create "a cashless society where people use their apps for everything, while Americans still use billions of checks and carry plastic cards."Kerner believes that crypto money will grow whether or not regulators approve the Libra, and bitcoin may become the de factor global currency.
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