Apparently , a lot of bankers , financial institutions
, legislative assemblies / parliaments / congress / senate / Reserve Banks of
various countries , etc etc
And here I was , wondering :
“ How come no
one in India has, so far uttered
a single cautionary word against LIBRA ?
Why this conspiracy
of a deafening silence ? “
May be they may not have read :
LIBRA
: Am I the only one worried ? …………………………..[ 05
July 2019 ]
LIBRA
: The coming battle of Currencies ? …………………[
29 June 2019 ]
Forget my own ( novice like )
views in the above-mentioned emails
I urge our Policy Makers to read following articles by knowledgeable
persons :
Facebook's
cryptocurrency plan draws ECB's ire on regulation
Facebook’s plan for a digital currency called Libra has policy makers scrambling.
Highlights :
Financial
regulators must
act fast to
prepare for the push by US tech giants such as Facebook into the financial
system, according to European Central Bank Executive Board member Benoit Coeure
“It’s
out of the question to allow them to develop in a regulatory void for their
financial service activities, because it’s just too dangerous,” Coeure said on Sunday in Aix-en-Provence
in southern France.
“We have to move more quickly than we've been able to do up
until now.”
Facebook’s
plan for a digital currency called Libra has policy makers scrambling. The UK’s three main
financial regulators are working together on how best to respond
The
plan has also drawn fire in Washington, with more than 30 groups influential with Democrats
demanding a halt to the
project to deal with the “profound questions” it raises.
David
Marcus, the executive leading Facebook’s Libra and blockchain efforts, will
testify before Congress this month on the initiative.
=========================================================
Then, our Policy Makers may want to read :
Facebook
Libra Backlash on Many Fronts
Highlights
:
# The obvious problem with Facebook is most
global users don’t trust it with their private
data, so how could they trust it with their financial data in the
future ?
#
French Finance Minister Bruno Le Maire said Libra
shouldn’t be allowed to become a
sovereign currency, while a
German member of the European Parliament said Facebook could become a “shadow
bank”, according to LinkedIn
# By trying to bank the
unbanked and vulnerable in
developing countries, Facebook’s Libra
could be a kind of shadow
banking
# By using a stablecoin
to incentivize Advertising consumption, Facebook’s Libra
could
endanger how the future of the internet is
monetized.
# By increasing convenience for token investments and token
economy utilization,
Facebook’s Libra could replace reliance on fiat currencies, which
could have
dangerous impacts on the global economy, i.e.
in some countries that are inflation prone
Libra
could disrupt fiat systems, leading to negative economic impacts
# If widespread adoption occurs, Facebook’s
Libra’s cryptocurrency could be part of a
master-plan by some for a global digital currency
# Facebook’s Libra cryptocurrency will face
privacy and money laundering
concerns that will be imperfectly regulated and nearly impossible
to moderate properly.
# The Libra Association
could become too powerful in influencing how consumers do
payments
by forming a monopolistic shadow council on how digital
currency adoption
and
payment standards globally evolve in the token economy.
=======================================
Also do read :
Facebook’s
New Competition: The U.S. Dollar
The company’s new cryptocurrency is
designed to blow up the global financial system
Highlights
:
# Previous reporting has suggested that the Indian WhatsApp users,
who will be able to use
the
cryptocurrency for no- or low-fee money transfers,
and Facebook has apparently, and
uncharacteristically, been wooing
regulators and central bankers around the
world to
smooth
the coin’s landing
[ Madam Sitharamanji , please
watch out what
seems to be happening – secretly ? ]
# How, precisely, users will exchange Libra for
physical currency remains to be seen,
though the most likely option is that Facebook partners
with a cryptocurrency exchange,
and the Information reports
that there are plans for “physical terminals similar to ATMs.”
# Facebook is already
working on creating its own private supreme court, after all; why
wouldn’t it want its own
private, independent central bank as well ?
# Facebook wants to enter, and own, the
cross-border payments market.
If it is indeed launching in India, it’s not as part of a test
run but because nearly $80
With more than 200 million Indian WhatsApp users already, the
company is well-
positioned to make its apps , and its currency, the method of choice for international
money transfers to India — and, eventually, the
world
{ Game Plan revealed
! Indian Policy Makers, please note ! }
# Facebook reportedly won’t charge
transaction fees for peer-to-peer payments. That’s a
very
bad way to make money, but, as Facebook knows well, it’s a very good way to
entice new users into your
network, and, in turn, to convince stores, restaurants, and
other businesses to set up to
accept Globaclcoin in payment
--------------------------------------------------------------------------------------------------------
Madam Sitharamanji :
If pitched NOW (
in the manner of “ take it or leave it “, I am
sure, Facebook will agree to sign and implement :
Digital
Dividend from Demographic Data [ 4 D ]
It is simply a question of :
# turning an opponent’s own strength to conquer him
# This is the medium-term plan for Libra:
To compete not just with money-transfer businesses
but with credit-card companies
using cross-border payments as the beachhead for all payments
everywhere
You receive a no-fee Libra payment from an expat family member, and
then use that
Libra to pay back a friend, who in turn
uses the Libra to pay for a Chicken Maharaja Mac
at
the local McDonald’s
.
# Like any megaplatform, Facebook wants to be
infrastructure: a service so important to
daily
life that most people have no choice but to use it. But Facebook in 2019 is
increasingly easy for Americans and Europeans
to quit without particular consequence, in
a way
that Google, say, isn’t.
# Once you’ve got a usable digital currency,
why would you want to “get into” other
currencies? I use dollars every day, but don’t
spend a lot of time buying up euro and yen
# But if you think Facebook is powerful now, just wait until it’s,
essentially, the global
federal reserve, overseeing a global currency
over which it has not just monetary control
but a visible, mineable record of every
transaction made.
Maybe Globalcoin would have been the right
name after all.
==========================================
==============
08 July
2019
Rsvp : hcp@RecruitGuru.com