Some issues with this article: > The sponsors are right that a liquid, stable currency would be attractive to many in emerging markets. So attractive, in fact,

Some issues with this article: > The sponsors are right that a liquid, stable currency would be attractive to many in emerging markets. So attractive, in fact, that if enough people trade out of their local currencies, they could threaten the ability of emerging market governments to control their monetary supply, the local means of exchange, and, in some cases, their ability to impose capital controls. Easy to counter. The government can declare that Libra is illegal and stop its banks from converting Libra into Fiat. Sure you could probably get around it by a P2P marketplace. Countries that have done this are: China, Russia, Vietnam and others [0]. > Unless regulators jump in quickly, these for-profit companies will set the standards for identity verification, at least in the short run, as well as defining the rules and enforcement around the privacy of transactions and what to do in case of theft.” No there are already defined and in place rules for banks to adhere too. Companies cannot just set these standards. They'll be fined until they are told by the regulators to close shop. > “That’s sort of the most dangerous consequence of this kind of concentration is the ability to exclude rivals, put them out of business, diminish innovation, diminish entrepreneurship, diminish choices for consumers,” he said. This is one thing that regulators will look at with regards to Libra. There's just one wallet. Who are the competitors. In the case of banking there are many competitors. If Chase closes your account, you can move over to TD Bank. But if say Stripe closes your account because they take umbrage with you, does your wallet also get closed down? What happens also with your Libra coins? These questions must be answered in precise detail for consumer protections and this right there, consumer protections determines the progress of Libra. I do think Libra is a good idea. But a few things must be brought up to the fore. - FB must open source their tech. Have other companies [or even groups of people once they are certified] run other groups of nodes. If these conglomerates of Stripe, Paypal, etc which have a history of banning people just because. Have the built-in ability that someone can move over to another provider. - Have FB ensure that standards are met in terms of banking regulations and fine heavily if they don't. Make them feel the pain. Have some teeth when fining them. [0]: https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp https://www.investopedia.com/articles/forex/041515/countries...