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Facebook’s New Cryptocurrency, Libra, Gets Big Backers

By The Wall Street Journal

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  • Rob Carroll
    Rob CarrollCofounder & CEO at CampusReel

    This is the kind of formal, institutional and regulatory adoption we need to move this technology forward more quickly.

    I love that Facebook is pushing this initiative. The power of these companies working together is much more impactful than each of them working individually. I wish we could see these kinds of alliances for other emerging technologies.

  • Weiyee IN
    Weiyee INChief Strategy Officer

    Of course building the ecosystem is a great first step however the regulation that are inevitably coming to the cyrptocurrency market (and they will come) will be the biggest challenge for the consortium or ecosystem to navigate. Aside from the already coming investigation from the FTC they will now face scrutiny from FinCen as well as needing to comply with BSA requirements for anti-money laundering and countering terrorism financing and OFAC sanctions screening requirements for onboarding clients

    Of course building the ecosystem is a great first step however the regulation that are inevitably coming to the cyrptocurrency market (and they will come) will be the biggest challenge for the consortium or ecosystem to navigate. Aside from the already coming investigation from the FTC they will now face scrutiny from FinCen as well as needing to comply with BSA requirements for anti-money laundering and countering terrorism financing and OFAC sanctions screening requirements for onboarding clients, which cannot be circumvented through having a Facebook account. Getting through these will make them a national champion that has the ability to compete against Alibaba and Tencent who have come into the social media and commerce markets with financial offerings that already threaten incumbent financial institutions.

  • Roger Chua
    Roger Chua

    Looking forward to the white paper.

    “Face­book plans to re­lease a white pa­per in­tro­duc­ing the coin next week, ac­cord­ing to peo­ple fa­mil­iar with its plans, adopt­ing a for­mat pop­u­lar­ized by bit­coin’s pseu­do­ny­mous cre­ator, Satoshi Nakamoto.”

  • Charles Adams
    Charles AdamsCOO at Agriglobal Commodities Inc

    I see this new push as total destruction of privacy and liberty. Credit cards are bad enough then we get corporate media oligarchs prying into every corner of lives down the underwear you wear. Crypto currency was started to bypass all prying eyes. Liberty to transact business as I see fit not our ruling oligarchy. It is safer than banks. It is anonymous. It is my business not Gates, Zuckerman, Buffet and other monied. Regulations are institutionalized control so no liberty. And yet the writers and

    I see this new push as total destruction of privacy and liberty. Credit cards are bad enough then we get corporate media oligarchs prying into every corner of lives down the underwear you wear. Crypto currency was started to bypass all prying eyes. Liberty to transact business as I see fit not our ruling oligarchy. It is safer than banks. It is anonymous. It is my business not Gates, Zuckerman, Buffet and other monied. Regulations are institutionalized control so no liberty. And yet the writers and responders of this article look at this possible intrusive control as business as usual and use the fear mongering tactic of terrorism to back this control system. They say this will not interfere with the Fiat financial institutions. You know the ones in 2009 that along with the elected reps stole trillions. This had to be the largest con of wealth redistribution and land reform in history. But fear rules America. It's grip is in total control of every facet of our lives. This will complete the transaction. The federal reserve was and is bad enough but these oligarchs want you as slaves and the responders are ok with this. Having grown up in 50s and 60s my parents taught us to be vigilant, this generation before us have no idea what this means to their liberty.

  • There is great potential for this as a pivot for FB into a mass market payment and money transfer mechanism not to mention the opportunity to scale cryptos massively. They have the channels and the base so it's a no brainer market for them to have a presence in. Especially as they are slowing on growth in their current model. The backers see this leverage.

  • But do people trust Facebook?

  • Jacob Frautschi
    Jacob Frautschi

    I hope their financial, legal, and social might will help clear the regulatory path for other, smaller projects to flourish, especially in the US.

  • Laurent  Ohana
    Laurent Ohana

    The FB cheerleading squad is already genuflecting. And the crypto investors are praying for salvation by FB. Ok, i am a tech enthusiast too. But we are talking about a monopolist run by a perhaps benevolent dictator but dictator nonetheless. FB is already the largest virtual country run with a malleable “constitution”. Now they will have their own currency. A few more steps and they will qualify for UN membership. Seriously now, who are the regulators who need to approve it before it launches? Or

    The FB cheerleading squad is already genuflecting. And the crypto investors are praying for salvation by FB. Ok, i am a tech enthusiast too. But we are talking about a monopolist run by a perhaps benevolent dictator but dictator nonetheless. FB is already the largest virtual country run with a malleable “constitution”. Now they will have their own currency. A few more steps and they will qualify for UN membership. Seriously now, who are the regulators who need to approve it before it launches? Or will we have to wait for the congressional inquiry into “how we let this happen?” Where is Roger McNamee on this issue?

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