Libraʼs critics are missing the forest for the trees
Originally @ Techcruch It would be an understatement to say it’s been a rocky couple months for Libra, the Facebook-proposed stablecoin. Since its announcement in June, multiple high-profile members of the cryptocurrency’s consortium have jumped ship (many due to direct pressure from legislators). A congressional hearing on Libra turned into an evisceration of Facebook’s data and privacy practices. Federal Reserve Governor Lael Brainard assailed the project’s lack of controls. And the Chinese government announced its own competitive digital currency. But critics of the idea, though they are well-intentioned, are missing the forest for the trees. In spite of Libra’s well-cataloged risks and unanswered questions, there is a massive opportunity in plain sight for the global financial system. It would be a tragedy to let that opportunity be destroyed on the basis of Facebook’s reputation or Libra’s haphazard go-to-market. Governments should heed the lesson of the US/USSR