United States Government: A Firm No To Libra Coin

in #crypto10 months ago


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Crypto and forex live charting market update, house of representatives takes a stab at Libra coin, sentiments on the dangers of corporate and central bank coins, US government to ban Libra coin, and your chart requests

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Dear @cracking-crypto

Discussions regarding Libra and Facebook are very intense lately and I personally don't know yet what to think about it.

I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.

Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....

Important question I would like to ask you, and hopefully you would share your own opinion:

  • many people out there seem to see Libra as a threat to current monetary system. I'm one of those. However I've learned that global economy is build on debt. And all debts are in FIAT currency. So does it really matter if people use Libra to pay for their "groceries" and shop online? They still need to pay all their debts and mortgages for next 20-30 years in their local fiat currency.

For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.

What do you think? Upvote on the way.

Yours,
Piotr