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I don't like Libra but I wouldn't dismiss it just yet.

- Governments: We'll ban Libra.

- Facebook: Let us do Libra and we'll give you access to the financial transactions which otherwise would go dark with Bitcoin or Wechat.

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- Governments: oh yes, we'll trade our ability to set monetary policies for the off-chance that someone who wanted to hide from regulators will choose to trust Facebook with their shady transactions, and will continue to do so after the first time we catch them in the act based on data Facebook provided to us.

- Facebook: you are going to lose the ability to set monetary policy anyway. That ship has sailed.

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