Will Libra Be Stillborn?
Libra will be an exchange trade fund share based on the investment houses that back the share. What makes Libra different is that the SECs is not prepared to regulate a liquid ETF share like Libra.
Governments have little power over Libra except the threaten the millions of users with a sheriff knock on the door. Facebook is immune, it simply moves the servers to a supporting nation, or buries them in the arctic circle. Some government somewhere will see the advantage of hosting Libra servers.
Barry Eichengreen is not up with sandbox theory, Zuck is all on board the sandbox.
Regulators are screwed until economists get a clue and it is not happening, too many priors to protect. Barry suffers the 'This time is different' syndrome.
Bitcoin is real, Libra is real, JPM Coin is real, but useless since JPM has a single trusted and bonded ledger service. Any larger bank or institution like Facebook and Google can easily assemble a digital controlled ETF share system. Crypto nuts are not quite educated on ETF systems, but they can learn.
Like I say, until the supporting economists get clues, the technology accelerates and leaves the central bank with smaller and smaller market share. Clueless economists inform techies do not attempt regularity conformity, they self regulate. Progress is not waiting for a bunch of central bankers badly advised.
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