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Libra, the road becomes even more bumpy

Now it is the G7 that puts itself sideways

In recent times there has been little talk of Libra, the Facebook cryptocurrency that also caused a lot of controversy at the beginning. A fact which is also the result of the attempt to remove it from dangerous media overexposure which accompanied the publication of his White Paper. Which had been interpreted by many as a testament to Mark Zuckerberg's hegemonic temptations.
Interpretation, however, made by a large part of the political world, which had made it clear that they did not like them excessively.
Now, say Libra we talk again e the news that arrives does not seem very favorable to the token. Unless a change of course, in fact, Facebook's virtual currency could see the times separating from its official debut significantly expanded.

libra cryptocurrency facebook - Libra, the road becomes even more bumpy

The G7 sides against Libra

To make people understand the not exactly positive air blowing on Libra was a news revealed by Reuters. According to the German news agency, in fact, the G7 economy ministers (United States, Japan, Canada, Germany, Italy, France and United Kingdom) they would be willing to hinder the project.
The agency would in fact have previewed a document that will be subject to careful analysis during the meeting that will bring them together.

What the document states

The draft viewed by Reuters on the one hand seems to be open to digital assets, with electronic payments considered a tool capable of promoting the financial inclusion of a large number of subjects currently excluded from the system.
At the same time, digital payments must be subjected to a system of rules capable of guaranteeing not only the protection of consumers, but also their right to privacy and maximum security.
In the absence of these requirements, the danger that these resources can be used as tool for the criminal economy and money laundering it is very high.

Why the ostracism of Libra?

The picture outlined by the G7 seems to have Libra as its point of reference. The crypto of Facebook, in fact, is seen as a tool not able to pursue the purposes indicated in the document.
Also in light of the company's past behavior. In particular those that emerged from the Cambridge Analytica scandal, the company that improperly used the data made available by Facebook.
To many observers, however, it seems that the real question is quite different. That is the one connected to the lack of desire to allow a private entity such as the one headed by Mark Zuckerberg of gain a position of power that could even compete with political institutions. Corroborated precisely by a financial ecosystem which would be decentralized.

The EU is also thinking about its digital currency

In an increasingly dynamic framework, the European Union has also begun to think about launching its digital currency, to be placed under the aegis of the ECB. A need recently spelled out by Christine Lagarde and that seems the logical corollary of the remarkable progress made by the digital yuan.
If the United States still seems to be in a phase of reflection, the eurozone, on the other hand, appears determined to respond to Beijing with the digital euro. Even if it seems complicated to be able to quickly fill the gap that the Chinese government has dug with respect to the competition. With its CBDC (Central Bank Digital Currency) ready to debut next year, in order to be fully operational in time for the Winter Olympics which will be held in Beijing, in 2022.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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