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So, what stops Facebook from trying to push Libra everywhere and then bowing out in the countries it doesn't take hold in? I doubt that many developing countrie
by Mirioron 7y ago
So, what stops Facebook from trying to push Libra everywhere and then bowing out in the countries it doesn't take hold in? I doubt that many developing countries would be able to shut the door on them. It might even be a boon for those developing countries, because it could enable trade between them without some heavy fees in converting currency.
- ineedasername 7y agoAny developing country can do the same as the US: prohibit their own banks from processing transaction to/from Libra. If the US decided not to make such a move, then users in those other countries could probably find work arounds, but it would increase the barriers of entry & probably adoption rates. And the larger adoption rates became, the easier it would be to shutdown major on-ramps & off-ramps from the currency. As US company deliberately violating financial laws of another country might still come under tremendous scrutiny from US regulators. Regardless, it wouldn't be perfect, and hopefully would still provide an (albeit difficult) option to avoid massively unstable local currency fluctuations. It would, however, exacerbate those instabilities which may be a net harm for all involved. I don't know though, these are systems complex enough that no single human can hold all of it, and consequences of various actions, in their head.
- 13daug 7y agohttps://news.ycombinator.com/item?id=21161233 https://news.ycombinator.com/item?id=21161233