1. Same has been said of Bitcoin, and yet the government kinda embraced it.
2. Facebook is not making Libra. It is a non-profit based in Switzerland.
3. Libra is backed by USD-EUR-JPY and the related countries might turn a blind eye because of that.
1. Gov didn't embrace bitcoin, they regulated it. The exchanges have to do KYC and AML monitoring and report activity.
2. If you think FB doesn't 100% control it, I have a bridge to sell you.
3. This doesn't really mean much at the end of the day. It's a tactical decision with low impact on regulations.
What you're failing to appreciate is how important it is for governments to control their financial operations. They don't make it hard just to make it hard. They make it hard because if they don't criminal activity will flourish.
The thing is, money is an iou from the government. If people start using other ious, the influence and power of the government will fade. Result is that libra will control a country.
- Shut down all bitcoin exchanges hosted in the United States
- Make it illegal for banks, credit unions, and other commercial financial institutions to allow their clients to make transactions with a crypto exchange (regardless of the countries where the exchange is hosted), or a blockchain
The point is the government can severely hurt Bitcoin adoption by making it illegal, but it cannot completely shut it down.
edit: nice try Satoshi!