What I really don't get is the regulatory aspect. They are creating a financial derivative asset/instrument. To be moved across the borders. In what freaking universe will the regulators not be all over it with endless KYC/ML rules?
That's probably why they've chosen a blockchain (which is of negative value here technically) - to bamboozle regulators and avoid responsibility for managing it till it is too late to do anything about it.
Conceivably Facebook has all of this user history and is able to make a guess if someone is a real person. Probably they know a lot more than a bank would know. That could take care of some aspects of the KYC issues too.
Using the word cryptocurrency is fairly misleading, because as far as I can tell, it isn’t really one. Blockchain, maybe, but I don’t even know what that word means.
No idea how new companies are supposed to rise with these players securing their monopoly like this.
https://www.coindesk.com/halt-libra-us-lawmakers-call-for-he...