Topic: US Government vs. Facebook Libra - page 3. (Read 1003 times)
This news can have both negative and positive effects on the new introduced coin by facebook. Still not convinced personally hoe they intend to run about and observing
The existence of this news certainly can make a negative issue with the coin carried by Facebook, Libra coin. However, we cannot consider how much influence we will face. In my opinion, Facebook coins will remain global and grow rapidly. especially Facebook is not a new platform. This is a large platform that has been known to all people of the world.
We maybe won't see any Libra or Facebook coins. Governments and banks don't want to lose the control of the economy. They are going to do what they can to preserve their power.
https://www.rt.com/business/464169-bill-big-tech-cryptocurrency/
https://www.rt.com/business/464169-bill-big-tech-cryptocurrency/
I do not really understand what makes government somehow go against facebook in every aspect. I have seen that usa government allowing banks to ruin the american economy and then pay them back for the mistakes they did and let them continue doing their horrible methods the way they want scott free without any punishment at all. Then they are going against facebook for privacy reasons and now against Libra for the same reasons and put SEC in charge of checking it out.
Look I am against facebooks privacy breaching as much as the next guy but if you are so against facebooks shady workings why are you not doing the same thing for JP Morgan or any other huge corporation? They have literally ruined NATIONS with their horrible judgement of finances, letting them go but bothering Facebook makes no sense at all.
Look I am against facebooks privacy breaching as much as the next guy but if you are so against facebooks shady workings why are you not doing the same thing for JP Morgan or any other huge corporation? They have literally ruined NATIONS with their horrible judgement of finances, letting them go but bothering Facebook makes no sense at all.
I think the US Congress is afraid of Facebook's Libra, which threatens the domination of USD on the world money market. As we all know countries exchange goods with each other in USD. Because Facebook has more than 2 billion users, Libra users will be extremely large. Therefore, the USD may not be used in the procurement of goods among people of different countries.
I see that America is upbeat about the Libra coin. Even President Trump specified that Facebook and Zuckerberg will have to obtain a banking charter and subject the Libra coin to every conventions and regulation under the US law. While it is fair, I still believe that America and Trump is conscious of their actions because Libra coin may consider launching from Malta or other cryptocurrency friendly countries
Libra has been supported by large companies in the world. not just one or two. they joined and supported Facebook launching libra next year. this will be a big break in the market, we will see how the libra will be prepared for the crypto community. I think Washington's handling of the Iran situation is more important. The oil supply agreements with Iran and Saudi Arabia led to the US dollar taking over from Sterling after the Second World War. Russia seems to have taken over OPEC, and Venezuela and Iran are likely to side with China to allow the Renminbi to replace the Dollar. A government backed "crypto" is likely to be more popular than FaceBux, especially as Facebook seems to be on the skids at the moment, as a result of their censorship.
This is my opinion, and don't forget that I believe that Satoshi is/was a department in a central bank.
I kinda agree with your opinion esp. the tension between Iran/China-US tension in economy trade. And facebook plans to creat their own digital money and partnered with several huge companies such as Visa, Mastercard, Ebay, Uber and etc. This is my opinion, and don't forget that I believe that Satoshi is/was a department in a central bank.
I see that America is upbeat about the Libra coin. Even President Trump specified that Facebook and Zuckerberg will have to obtain a banking charter and subject the Libra coin to every conventions and regulation under the US law. While it is fair, I still believe that America and Trump is conscious of their actions because Libra coin may consider launching from Malta or other cryptocurrency friendly countries
While I do not have a single opinion about the Libra coin, however, I will be happy to watch as one of the world's financial giants conflicts with the US government because of the information and financial impact on the population of the Earth.
The emergence of such a coin as Libra can have far-reaching consequences. This is already understood in the US Congress. Moreover, for the cryptocurrency, this coin will have both a positive and a negative role.
The emergence of such a coin as Libra can have far-reaching consequences. This is already understood in the US Congress. Moreover, for the cryptocurrency, this coin will have both a positive and a negative role.
Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.
What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?
"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."
https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf
What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?
"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."
https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf
Maybe the government has fear on it, because we all know how facebook itself dominates in the world in terms of business, then now they will be introducing a new stablecoin called libra, it could be possible and might be its a threat for US financial system, im not really sure, because libra is not yet out in the market this time.
I think that because of the statements of the government, work on the Libra project can be very long, maybe for a few years. Facebook will not be risking and they will do everything at the time when the government tells about this
What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?
no it doesn't. bitcoin is threatening their monopoly, what Facebook coin can do is to threaten banks monopoly in processing money transfer and do that without a license. and that is the big scare they have, they want to have the power of controlling all the USD money transfers and take the taxes, fees and not to mention all the information they gather about who has what amount of money and where they spend it.
When politics wants to come to the cryptocurrency, I think we will see there are so many interests from the politicians that want to control the cryptocurrency. I think the US governments warn Facebook that they want to control facebook indirectly and I think they will do that by secretly. We don't know what the US governments plan to Facebook, but so far, we know that they want to control many things in all countries.
Since libra coin will be a stable coin apart from being a cryptocurrency, it definitely posses threat to the government of US. Which is why i see the need for them to agree on some terms with the CEO of Facebook.
I believe they will come to an agreement before its lunch.
I believe they will come to an agreement before its lunch.
The government is afraid one day people will prefer crypto over fiat, libra might be centralised but if the government agree with the coin this could open the door for another coin to enter, but Libra and fiat is not too different, so I think this just misunderstanding and will be solve quickly
Trump tweeted that he is not supporting any cryptocurrency and also he is not confident with Libra. We will see if Libra sometimes succeeds.
Adding more concerned that took the government in US and President Donald trump to hold and find its ways not to regulate Libra unless they are not solve the problem addressing anti-money laundering and know-your-customers issues.
Firstly, US government is giving the impression that it's trying to protect its citizens from the bad sides of crypto according to the authorities, but in the real sense, they are scared of what will happen if the world starts using LIBRA. Maybe it might have a negative impact on US dollar and also people won't be paying taxes as they ought to.
As Facebook is already questioned by the US Government regarding data privacy issue so i think this was in some point related to this issue. Facebook libra will abide the regulation policy thru KYC once launch so i think the US government is just vigilant to ensure that the data privacy will be protected.
Facebook Libra may likely not see the end of the day, it will take an ample lot of convincing and tweaking for it to be granted the permission to launch.
full member
Activity: 882
Merit: 102
PayAccept - Worldwide payments accepted in seconds
Trump tweeted that he is not supporting any cryptocurrency and also he is not confident with Libra. We will see if Libra sometimes succeeds.
Jump to: