Libra Shrugged: How Facebook Tried to Take Over the Money by David Gerard

Author:David Gerard [Gerard, David]
Language: eng
Format: epub
Tags: Facebook, social network, Mark Zuckerberg, macroeconomics, CBDC, cryptocurrency, blockchain, economics, banking, computing, finance, technology, startup, Silicon Valley, Morgan Beller, David Marcus, money, Bitcoin, Libra, Calibra, Novi, Facebook Pay, Facebook Credits, central bank digital currency

European Union

In mid-August, the European Commission started an antitrust investigation into Libra, and sent questionnaires to prospective Association members saying that they were “currently investigating potential anti-competitive behavior.” The Commission also wanted to look into the governance structure of the Libra Association, and Facebook’s plans to integrate Libra into WhatsApp and Messenger.177

Yves Mersch of the European Central Bank spoke on 2 September at the ECB Legal Conference. Mersch considered Libra to be unusually risky even for a private currency: “I sincerely hope that the people of Europe will not be tempted to leave behind the safety and soundness of established payment solutions and channels in favour of the beguiling but treacherous promises of Facebook’s siren call.”178

Facebook insisted in September that it had been working with regulatory authorities in Europe. French cryptocurrency journalist Grégory Raymond discovered otherwise: “According to my information, the French authorities have not received an application for accreditation from Libra (needed to operate in the EU). To their knowledge, it’s the same elsewhere in the EU: ‘In the face of the risks identified, Facebook has so far provided no response to public authorities.’”179

Valdis Dombrovskis, the European Union financial services commissioner, sent Facebook a questionnaire in late September about money laundering, the financial stability of Libra reserves, and the privacy of its users’ data.180 Dombrovskis wanted to know how to regulate Libra-like coins in Europe — and if Libra should even be allowed to operate in the EU.181

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