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>> No government is going to let FB and any coalition do an end run around their national currency and their banking institutions. 1. I can see the US governme
by TuringNYC 7y ago
>> No government is going to let FB and any coalition do an end run around their national currency and their banking institutions.
1. I can see the US government and perhaps the Five Eyes (https://en.wikipedia.org/wiki/Five_Eyes https://en.wikipedia.org/wiki/Five_Eyes) wanting this because it effectively reveals lots of global transactions they are not currently privy to w/o tedious work. I find it difficult to believe that all the relevant FiveEyes agencies have not been an integral part of this from the planning stage.
2. I dont see how small nations can really stop it. They can stop transfers to/from their own currency, but can they really stop closed loop Libra systems? For example, someone in Whateveristan does some work on E-Lance/Upwork and gets paid 100 Libra. They spend 100 Libra on goods online and gets it delivered -- how could the local government stop this?
- rememberdeath 7y agoCouldn't the local government ask libra not to operate and if it does start blocking the revenue source of members such as Facebook?
- ddalex 7y ago1. is tinfoil hat domain and i'll ignore it 2. the finance watchdog verifies that balance sheet must close to 0 for everybody when everything is accounted for - i.e. I have 100 libra and I want to buy a printer, there has to be somebody to deliver that printer and take the 100 libra; the gadget shop can't account for the printer disappearing from inventory without accounting for 100 libra coming in, and the chain thus complete. the only thing you'd be able to buy are services and goods outside regulated economy, so sex and drugs?