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  • Writer's pictureMagdalena Gołębiewska

Is it a sabotage of stable coin Libra? Or generally digital currencies?

Below I paste the official letter sent to the CEO of Stripe (I think, not only Stripe but as well Visa, Mastercard & maybe... PayPal :) ) . Hard to believe how strong they are trying to stop the change. Yes, this can be treat to global financial system - but I would rather call it differently This is a step to destroy the old system which we know and take the action to build new, better one. Unfortunately key players are taking a step back and unsubscribed from the project. Hopefully, it will not stop the change.

“We are concerned because key questions remain unanswered about the risks the project poses to consumers, regulated financial institutions, and the global financial system. We urge you to carefully consider how your companies will manage these risks before proceeding, given that Facebook has not yet demonstrated to Congress, financial regulators - and perhaps not even to your companies - that it is taking these risks seriously.”
“Facebook is currently struggling to tackle massive issues, such as privacy violations, disinformation, election interference, discrimination, and fraud, and it has not demonstrated an ability to bring those failures under control. You should be concerned that any weakness in Facebook’s risk management systems will become weaknesses in your systems that you may not be able to effectively mitigate.”

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