It seems Facebook is now the official “bad corporation” around the globe.
First it was revealed the firm had privacy issues with its users’ data, then it was revealed that those same privacy issues had not been sufficiently resolved. Still later it was revealed that Facebook had deceived regulators about solving those issues, when in fact they had not.
So, what did Facebook think would happen when they announced they would launch a cryptocurrency? Well obviously they thought their Libra “coin” would be warmly received. But in fact global regulators have ganged up on the firm with the intent of preventing Libra from being launched altogether.
Now in Facebook’s defense, global regulators (generally) hate ALL cryptocurrencies since every central bank is terrified of losing control of its own fiat currency. So Facebook is the perfect scapegoat to discourage a global cryptocurrency.
U.S. Federal Reserve Chairman Jerome Powell has called for the halt of the digital tokens, the French have echoed that sentiment and the Bank of England has joined the protest. Threatened with various tax initiatives, criminal investigations and all sorts of regulatory hurdles, the global policymakers have put not only Facebook on notice but also Amazon, Google and others to forget about launching any threats to sovereign currencies in the form of digital currencies.