The best thing about Facebook’s proposed digital currency isn’t its BTF consensus algorithm, account-based data model or single Merkle tree structure. No, the greatest thing about Libra has to be the triggered reactions from politicians and bankers who can sense the rug being pulled from under their feet, threatening their hegemony and upending their world view. Here are eight memorable quotes from incensed officials.
Project Libra Has the Elite up in Arms
“Big tech in finance: opportunities and risks,” a report by the Bank for International Settlements (BIS):
Regulators need to ensure a level playing field between big techs and banks, taking into account big techs’ wide customer base, access to information and broad-ranging business models.
Translation: “This isn’t fair!”
Maxine Waters, chair of the U.S. House Financial Services Committee:
It’s very important for [Facebook] to stop right now what they’re doing so that we can get a handle on this. We’ve got to protect our consumers. We just can’t allow them to go to Switzerland with all of its associates and begin to compete with the dollar.
Translation: “The U.S. dollar is the only permissible global currency.”