Facebook Cryptocurrency Plan Faces Opposition in France
I put this in another thread but I&#x27;ve been shouting it far and wide today.<p>I&#x27;ve lived in China and seen how this plays out. Facebook&#x27;s new Libra Blockchain will be a centralized bank but way more dangerous.<p>It will allow for a worldwide social credit system. If Facebook decides to remove you for wrong speak or wrong think, your money and many services will be inaccessible.<p>Further, they have no mandate like the central bank does to increase employment. Their mandate is to make money for corporations. This will lead to global social unrest.<p>This will put some third-world countries in complete control by Facebook. I mean, whoever runs the currency, is the country. But in this case, it will be completely controlled, as it&#x27;s also many of those countries main source of communication. Therefore, if Facebook&#x27;s Libra is a countries main currency and social network, that country will be owned by Facebook.<p>Finally, the regulations on crypto and blockchain are still new. This is in Facebook&#x27;s advantage as they can start lobbying to have these laws in their favor. They can argue for less transparency, as they are a bank, and this fits with their new privacy marketing message.<p>This is extremely subversive and Europe is already rightly pushing back. America will be next. On one hand, I love seeing the existing financial system panic when new technology comes out. On the other hand, under no circumstances will I accept a world where Facebook started the one world currency.