How Libra Global stablecoin can overcome the Regulators authorities and impose t

[sirty143]

How Libra Global stablecoin can overcome the Regulators authorities and impose their project!!

First of all one thing that I think it's failing in the stablecoin global project is the quantity of Fiat pegged to the project and in a major concept scary the Regulators Authorities, and don't give a clarified position how it will work.

Secondly and not most important is the question of security, as known the company "mother" Facebook is involved in scandals, being the most famous, the Cambridge Analytica, and the constant breaches and Intel leak, worry and scary the regulators about security, as more than those customers from Facebook in, WhatsApp and Instagram are potential clients for Libra project!

Of course it's claimed and known that, the Libra stablecoin will be a separated Institution, backed by associates to drive the project, but the Main Concern prevail, as the withdrew former companies told that one of the reasons to abandon it was the transparency about the Funding, where's the money coming from, and another is a not disposal to comply with certain AML policies.

All this, joined reasons and more not mentioned here, are making the Regulators to retreat and not approve it in certain regions, and make those Regulators and their countries to start looking for a new way to "avoid" and create their own systems of payment in a global scale powered by Blockchain!

So how to overcome those regulations!

One of the things that I believe the leaders of The Project must do it's to change their strategy, despite being Global, they could start with just one Fiat currency pegged to the Libra!

It's more practical to defeat first the US Authorities, and move on to new markets, as the Libra securing the laws of US to operate, will have time and legs to find new jurisdictions to implement their services.

Transparence is also needed in terms of knowing with companies are injecting money into it, as if it keep failing more associates, that are well stabilized in the market can drop it, affraid to suffer sanctions from the Authorities.

The last one, and no less important than other Mark Zuckerberg must stay out of it, that's crucial to get it implemented, as his face is remeber the Late Scandals involving Facebook.


Source: Publish0x

[Zed0X]

I don't think being pegged with one or ten major fiat currencies is the issue with them here. Concentrating on one fiat currency (USD) doesn't mean that they will be off the hook from US regulators and other countries. These governments sees Libra as a threat to the global traditional financial system and since it is backed up by traditional companies, it is easier for regulators to combat them unlike peer-to-peer cryptos like bitcoin.