Till last week ,
I thought so when I sent following email to Cabinet Ministers :
Apparently, some other, very
knowledgeable persons too seem to be worried with potential implications of Libra on
:
# Other crypto-currencies
# fiat currencies issued by Reserve Banks of
various countries
# Thousands of mobile payment wallets issued by
Banks – E Com web sites – Mobile apps
launched by umpteen FINTECH companies
For details of these potential
implications, read :
Those who do not have time to read this entire article,
here are the highlights :
# ….token economy that would bypass a lot of regulation and banking solutions to
introduce
a whole new kind of financial services convenience.
# Libra Globalcoin resembles more the
launching of a digital
bank with a digital currency
than
anything related to cryptocurrencies or Bitcoin.
# To even make the comparison is really dumbed
down for mass adoption. Facebook wants
to
use Bitcoin hype for its own profit.
# The reality is
then that Facebook’s Libra could be an on-ramp for
the death and dead end
of
crypto
# In other words, it looks like a blockchain, but it’s not a real blockchain.
In the same vein
as EOS or Ripple. It’s the same scam as
Tron, just smarter in that the Libra coin is
tethered to a fiat basket.
# It’s not truly decentralized. It’s not truly
open, as the ledger of transactions will be
accessible to Libra Association founding
members exclusively.
# Libra can pretend and
be packaged to be whatever it wants to gain mainstream adoption
( Following the adage : “ If you can’t lick
them , then join them “ : , I had. In my earlier mail , suggested to negotiate with Facebook
to get it to agree to implement :
# Facebook can thus ‘move fast and break things’ all over
again, more or less with a clean
slate.
# The Libra Association will work with a list
of authorized resellers. It creates a barrier to
entry and transforms
the Libra Association into a regulatory body for the Libra ecosystem
# Small financial institutions will have no
choice but to work with an authorized reseller if
their clients want to get paid back in Libra, for instance. All the founding members
become
a sort
of Visa or Mastercard for the 21st century
# This is how you begin
a dynasty that leads to a global digital
currency that has no nation
or
state, but belongs to the entire world. Facebook
will own it, literally.
# Facebook or other companies will have to set
up servers, will have to run the software,
will
have to validate transactions. Facebook will have
all our chat and Libra coin data.
# Libra could become an instant hit and power many of the peer-to-peer and even business-
to-customer transactions. It could also launch the biggest unregulated shadow
digital
bank the world has ever seen. Out with the old and in with the new
# Given the current nature of the Libra
Association, there’s a chance that Libra becomes a
quasi-sovereign currency in Venezuela, Argentina, Turkey
or South Africa — but it would be
controlled by private companies that don’t
care about monetary policies.
=======================================================
Dear Shri
Ravi Shankar Prasadji /
Madam Nirmala Sitharamanji :
Even as you are fully occupied with sorting out
hundreds of questions in connection with yesterday’s budget, I once again urge
you to :
Ø turn this “ Libra
Threat “ ( from Facebook ),
Ø into a “
Liberating Opportunity “ ( for 310 million
users of Facebook ), by telling Facebook ( in as blunt a manner as possible ) :
“ If you wish to
operate in India , you must sign /
implement :
Some 67 years ago, Bapu gave an
ultimatum to the British Empire , : Quit India :
May our National Goals ( $ 5
trillion economy ) give you the courage to tell Facebook : Sign up or Quit
========================================
=====
06 July
2019
Rsvp : hcp@RecruitGuru.com
