2/ Recently there's been a lot of talk about how Libra could threaten the sovereignty of Nations when it comes to money. I wanted to take the opportunity to debunk that notion.
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3/ Libra is designed to be a better payment network and system running on top of existing currencies, and delivering meaningful value to consumers all around the world.
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4/ Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve.
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5/ As such there's no new money creation, which will strictly remain the province of sovereign Nations.
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6/ We also believe strong regulatory oversight preventing the Libra Association from deviating from its full 1:1 backing commitment is desirable.
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7/ We will continue to engage with Central Banks, Regulators, and lawmakers to ensure we address their concerns through Libra's design and operations.
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8/ Separately, I'm looking forward to the Libra Association taking on full leadership of the project soon after its charter has been ratified so I can focus on building @calibra.
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I get where you're coming from, but this is what you aren't saying:https://twitter.com/hasufl/status/1173570920574803968?s=19 …
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And no trusts what Facebook says. All of their agendas begin and end with 'move fast and break things.' Facebook, as a publicly-traded company, will crush entire communities to obtain their goals.
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I absolutely get your point. But what are the implications on countries with a "weak" currency like Turkey or Venezuela or any other EM country where people rather hold a strong currency than their own national currency. Don't u believe that LIBRA might be a destabilising factor?
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