Facebook Cryptocurrency Plan Faces Opposition in France
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Re: Facebook Cryptocurrency Plan Faces Opposition in France
#2Haven't read any of the news about how this currency is supposed to work, but if it lets anyone bypass the SWIFT system then the US should probably ban it too. Being able to sanction anyone is a powerful tool to give up to Facebook of all companies.
Re: Facebook Cryptocurrency Plan Faces Opposition in France
#3Haven't read any of the news about how this currency is supposed to work, but if it lets anyone bypass the SWIFT system then the US should probably ban it too. Being able to sanction anyone is a powerful tool to give up to Facebook of all companies.
It bypasses SWIFT but only in the way bitcoin and similar cryptocurrencies do already.
Re: Facebook Cryptocurrency Plan Faces Opposition in France
#4Haven't read any of the news about how this currency is supposed to work, but if it lets anyone bypass the SWIFT system then the US should probably ban it too. Being able to sanction anyone is a powerful tool to give up to Facebook of all companies.
It bypasses SWIFT but only in the way bitcoin and similar cryptocurrencies do already.
statistically, so few people use bitcoin, that one might as well round to zero, so governments do not need to care. FB has 2.5B users whom they can easily manipulate, hence governments care.
Re: Facebook Cryptocurrency Plan Faces Opposition in France
#5Haven't read any of the news about how this currency is supposed to work, but if it lets anyone bypass the SWIFT system then the US should probably ban it too. Being able to sanction anyone is a powerful tool to give up to Facebook of all companies.
It bypasses SWIFT but only in the way bitcoin and similar cryptocurrencies do already.
Facebook is subject to U.S. legislation. Chinese Bitcoin minors aren't.
Facebook has many users. Each Bitcoin marketplace has only few.
Re: Facebook Cryptocurrency Plan Faces Opposition in France
#6Haven't read any of the news about how this currency is supposed to work, but if it lets anyone bypass the SWIFT system then the US should probably ban it too. Being able to sanction anyone is a powerful tool to give up to Facebook of all companies.
This is still a system on American control even if other currencies than USD are supported.
One thing is that countries may be cut off from swift. That limits money transfer in and out of the country but the bank transfers within the country would still work. Blocking this could potentially halt the internal money transfers of a country.
Re: Facebook Cryptocurrency Plan Faces Opposition in France
#7Haven't read any of the news about how this currency is supposed to work, but if it lets anyone bypass the SWIFT system then the US should probably ban it too. Being able to sanction anyone is a powerful tool to give up to Facebook of all companies.
This is still a system on American control even if other currencies than USD are supported. One thing is that countries may be cut off from swift. That limits money transfer in and out of the country but the bank transfers within the country would still work. Blocking this could potentially halt the internal money transfers of a country.
So if a company or person is sanctioned, can Facebook or someone else freeze their Libra currency?
Re: Facebook Cryptocurrency Plan Faces Opposition in France
#8Earlier quoted context omitted.
This is still a system on American control even if other currencies than USD are supported. One thing is that countries may be cut off from swift. That limits money transfer in and out of the country but the bank transfers within the country would still work. Blocking this could potentially halt the internal money transfers of a country.
So if a company or person is sanctioned, can Facebook or someone else freeze their Libra currency?
Anyone can build their own wallet, Facebook will offer its own wallet (calibra) but you will not have to use it. tl;dr, they can't freeze your wallet if you're not using theirs. Paypal, visa and coinbase will offer their own and you can build your own.
Re: Facebook Cryptocurrency Plan Faces Opposition in France
#9Haven't read any of the news about how this currency is supposed to work, but if it lets anyone bypass the SWIFT system then the US should probably ban it too. Being able to sanction anyone is a powerful tool to give up to Facebook of all companies.
I expect we'll find out that Libra's default set of trusted validators will be perfectly willing to accommodate local regulations.
More than that though, AML/KYC and any other checks deemed necessary can occur at almost every point of contact with fiat currencies.
Re: Facebook Cryptocurrency Plan Faces Opposition in France
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