wry Posted June 20, 2019 #1 Posted June 20, 2019 much on Facebook's Libra. While central banks are well known for setting short term interest rates many of them are also heavily involved in payment systems, a legacy of all the check clearing they used to do. Therefore they often have a lot of interest in payment and settlement systems. Therefore, it was nice to see Bank of England governor Mark Carney come out and say that distributed ledger technology could be very useful in settling financial transactions. He says such innovation could save billions of £ for customers. In a related area he was asked about Libra, Facebook's coin, and was not as excited. While he promised an open mind he was not very receptive to the idea pointing out that while laws and regulations were just now coming about to regulate social media, when it came to financial instruments the regulation had to come first. Link:  https://www.coindesk.com/billions-could-be-saved-by-tokenized-assets-backed-with-central-bank-money-boe-chief
Kate Posted June 21, 2019 #2 Posted June 21, 2019 I guess him not being excited can create a problem because they might not allow libra acceptance in the country which could be a very bad thing for adoption.Â
cointikka Posted June 21, 2019 #3 Posted June 21, 2019 Every bank/financial institution praises Blockchain technology. But, they never want to implement it. They all know Blockchain will be the end of Banking/Financial system. How to integrate it without ruining their system is something they want to discover? None of the Big shots will ever praise any kind of cryptocurrency, as that will show them supporting alternate financial system.
DreamStage Posted June 21, 2019 #4 Posted June 21, 2019 Well applying such technology is like adding robots to a company daily job. If it will replace the human works with such innovations and an algorithm capable of providing such transactional support then yeah he should go for it. As the intentions are good for the sake of the people then for sure i would like to see them.
ceastem Posted June 21, 2019 #5 Posted June 21, 2019 I remembered a time where facebook was held on court some time ago. I forgot when, but most of the prosecutors there had dumb questions cause they're not that much of a tech savvy types. Now that there's gonna be a coin which concerns facebook, Don't you think they're hot on this one might try to find what they can about it?
williamshennie9 Posted June 21, 2019 #6 Posted June 21, 2019 This new Libra coin has forced a lot of countries to really think carefully about crypto. It seems like more and more countries are accepting crypto and being open to it as we live in these modern times.
wry Posted June 22, 2019 Author #7 Posted June 22, 2019 6 hours ago, williamshennie9 said: This new Libra coin has forced a lot of countries to really think carefully about crypto. It seems like more and more countries are accepting crypto and being open to it as we live in these modern times. Really? I'm seeing the opposite. Libra has really woken government officials up and they are worried that there may be some serious competition for their national currencies now. See for example:  https://www.coindesk.com/rep-maxine-waters-says-us-cant-let-facebooks-libra-compete-with-the-dollar <--- US Rep worries that Libra will replace USD https://www.coindesk.com/libra-could-be-unbalanced-by-indian-crypto-laws  <--- The Indian Central Bank is looking to ban crypto including Libra https://www.coindesk.com/g7-forming-task-force-in-response-facebooks-libra-cryptocurrency  <--- G7 Nations looking to investigate Libra So while I think it's good on balance, it has clearly helped the price, I'm thinking regulators have woken up big time and rough sledding may be ahead!
williamshennie9 Posted June 24, 2019 #8 Posted June 24, 2019 On 6/22/2019 at 2:27 AM, wry said: Really? I'm seeing the opposite. Libra has really woken government officials up and they are worried that there may be some serious competition for their national currencies now. See for example:    https://www.coindesk.com/rep-maxine-waters-says-us-cant-let-facebooks-libra-compete-with-the-dollar <--- US Rep worries that Libra will replace USD https://www.coindesk.com/libra-could-be-unbalanced-by-indian-crypto-laws  <--- The Indian Central Bank is looking to ban crypto including Libra https://www.coindesk.com/g7-forming-task-force-in-response-facebooks-libra-cryptocurrency  <--- G7 Nations looking to investigate Libra So while I think it's good on balance, it has clearly helped the price, I'm thinking regulators have woken up big time and rough sledding may be ahead! Hmm, I've seen so many articles here about various countries which have legalized crypto and embraced it. Reading those few articles makes me nervous. It seems like there is a need to find a balance between decentralised currencies vs what governments around the world can or can't control.
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