21–30 of 293 posts
Interesting, but not surprising considering all the pressure from governments regarding Libra. I wonder if Facebook will ever back down from Libra considering how popular it is, or if they're going to adopt a "rain or shine" attitude and go forward with it regardless of what happens?
If Facebook attempts to become a money transfer service or bank without the required licensing, they will have their offices raided and their doors locked on them. This is something Governments don't tend to mess around with.
If Facebook attempts to become a money transfer service or bank without the required licensing, they will have their offices raided and their doors locked on them. This is something Governments don't tend to mess around with.
Here are some wild predictions I'm making + Many (or potentially all of the backers except Facebook) will withdraw from the alliance. + Facebook/Zuckerberg will defy the gov.s and launch Libra. + Libra might not dominate the world, but it'll be a success (at least a niche success) and it'll eat up some of the marketshare of these financial institutions. I think Zuckerberg has come (or already know) to the realization…
Facebook will try to defy regulators, but I think the SEC will stomp on them, hard. It will end up a hybrid battle in the courts and Congress between libertarians, a few flavors of privacy advocates, US regulatory concerns, and ultimately land on US power projection concerns.
I think the US will eventually shape the law and regulatory environment to prevent the existence of any cryptocurrency with its own valuation - distributed ledgers denominated in central bank currencies will be all that is allowed at the end.
The US financial system is a core pillar of US world power and Congress isn't going to give that power away to Facebook. It will be a complex road because the issues are difficult to grok.
Earlier quoted context omitted.
> considering how popular it is Excuse me, popular with whom?
Popular with people who are looking for another pyramid scheme to invest in, perhaps.
Well, well, well suddenly it looks like everyone who is making money thanks to current status quo is withdrawing from initiative/opposing it. Probably it means that FB is doing something right... Question is if FB is strong/clever enough to keep moving forward.
If Facebook attempts to become a money transfer service or bank without the required licensing, they will have their offices raided and their doors locked on them. This is something Governments don't tend to mess around with.
Wouldn't Facebook just get something like the UK's Electronic Money license? That's how TransferWise operates without being a bank.
I guess they could go for the remittances market, but that's really not where I see Facebook wanting to go.
If Facebook attempts to become a money transfer service or bank without the required licensing, they will have their offices raided and their doors locked on them. This is something Governments don't tend to mess around with.
FB is banking (pun unnintended) on the regulators and goverments being absolutely useless lately. Both AirBnB and Uber built empires on ”What if we just ignore the rules”
If Facebook attempts to become a money transfer service or bank without the required licensing, they will have their offices raided and their doors locked on them. This is something Governments don't tend to mess around with.
FB is banking (pun unnintended) on the regulators and goverments being absolutely useless lately. Both AirBnB and Uber built empires on ”What if we just ignore the rules”
Municipal regulations. Not federal and state laws with criminal penalties.
Wilfully breaching AML statute is arson to Uber’s parking tickets.
If Facebook attempts to become a money transfer service or bank without the required licensing, they will have their offices raided and their doors locked on them. This is something Governments don't tend to mess around with.
But FB must be spending a lot on lobbying, and that should help them avoid any major surprises regarding enforcement actions.