Ever since the vision for a Libra stablecoin was unveiled in its white paper back in June, Facebook (NASDAQ:FB) has suffered a startling backlash from countries around the world. Some American politicians have claimed the digital currency has the potential to be more dangerous than 9/11. Lawmakers over in Europe haven’t been too kind either, with Germany’s finance minister warning he is “very, very skeptical” about the project.
The main bone of contention with Libra has been the notion of a private company creating a currency designed to rival the likes of the dollar and the pound. Critics fear it would undermine national sovereignty and economic stability — and given how Facebook has been embroiled in scandals in the past, others question whether Mark Zuckerberg’s social network is fit and proper to hold such a responsibility.
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