Hughes said in the early days of Facebook as a college social network, “move fast and break things” was their mantra – but that this is inappropriate for a global financial system.
Time to move fast and break up Facebook, I think.
I wonder if nation states can preempt this by banning transactions done in Libra. Large multinationals have footprints in many countries, so they probably will choose not to accept proscribed payment methods in countries that enforce it strongly enough.
If physical goods are involved policing should be even easier.
Of course they could, but governments are basically ancient institutions. Facebook is operating under a “move fast and break things” strategy and their plan is to implement Libra before governments even have a chance to react. By the time governments are looking at it Libra will undoubtedly be popular with consumers so it won’t likely be as heavily regulated as it probably should be.
PLUS, governments aren’t going to ban Libra just because Facebook = Scary. There’d be a huge uproar from the Facebook camp about governments interfering with private businesses.
Also don’t you work for Facebook?