The words “permissionless” and “regulated” don’t exactly go together. But Facebook’s cryptocurrency project, Libra, is promising to adhere to regulations and be open to everyone, which may turn out to be a tough — if not impossible — task.
That’s assuming there will even be a Libra coin, as originally envisioned.
It’s been a nightmarish week for Libra, with U.S. senators (Democrats and Republicans alike) grilling Facebook’s David Marcus; President Trump saying Libra coin will have “little standing or dependability”; German Finance Minister Olaf Scholz warning against the very idea of private companies launching currencies; and U.S. Treasury Secretary Steve Mnuchin saying Libra raises “significant concerns.” Read more…
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