The problems, of course, are big. The first concerns the acceptability of such a system by the global financial establishment. As a de facto competitor to fiat money, Libra would be treated by central bankers and major international institutions – such as the Financial Stability Board – like they treat Bitcoin and other digital currencies currently in circulation, with which regulatory bodies have never been forgiving . Suffice it to recall the words by Mario Draghi or Mark Carney against cryptocurrencies. Libra’s acceptance by the supervisory authority is obviously not granted. Quite the contrary.
The second major obstacle is privacy. With Facebook already being targeted by authorities for various allegations of privacy violations, the introduction of Libra is already drawing the attention of financial regulators and privacy defenders around the world. Facebook is currently facing a $ 5 billion fine from the US Federal Trade Commission (FTC), which opened an investigation in response to the Cambridge Analytica revelation scandal reported for the first time by British newspapers Guardian and Observer.
US and British officials have expressed concern about Facebook’s entry into the financial sector. In May, members of the US Senate Finance Committee wrote to Mark Zuckerberg, asking him to answer questions about privacy and financial regulation. Facebook executives responded that the system will help many millions of people without bank accounts, who will be able to enter the banking world and send money more easily thanks to access from mobile phones.