For this reason, unless the backers of this are powerful enough I see this being under intense scrutiny and possibly heavily regulated.
Fin system panicking? hah - Visa backs this. And no downside for FB if this fails (other than opportunity cost).
Fin system panicking? hah - Visa backs this. And no downside for FB if this fails (other than opportunity cost).
Look at what regulators will say in the coming days. Europe is already saying under no circumstances will they allow a sovereign currency to operate unabated.
The US Federal Reserve is a major source of American power. It's "rumored" the US has invaded countries before for threatening to price oil in alternate currencies. You think they're going to accept this affront to their global hegemony laying down?
If the regulatory agencies aren't captured, we should expect crypto (at least stablecoins) to get some regulation soon.