Why governments around the world are afraid of Libra Facebooks cryptocurrency

13w
6m read
Summary

Calibra has said it will employ safeguards, including traditional know-your-customer practices and making Libra activity accessible to law enforcement and regulators. Here’s a rundown of Facebook’s plans for its digital currency and the issues lawmakers want to see addressed before Libra comes to fruition. While Marcus has said Libra plans to collaborate with lawmakers, central banks and lawmakers, concerns persist that Libra’s power would be more or less unchecked. But lawmakers say Libra would threaten government-backed currencies and consumer privacy, while giving Facebook reign over an unprecedented global financial system. Facebook aims to have 100 members of the Libra Association by the time Libra goes live.

Article Preview By Taylor Telford Taylor Telford Reporter covering national and breaking news Email Bio Follow July 12 at 12:30 PM

Since Facebook announced plans last month for its own cryptocurrency called Libra, it has ruffled feathers and sparked fears among governments all over the globe.

Facebook has framed the digital coin as an alternative to traditional financial services for the billions of people worldwide who lack access to banking. But lawmakers say Libra would threaten...

Read the full article @ The Washington Post