The publication of the Libra White Paper has given rise to a close discussion within the financial and economic world, causing a real split between for and against the advent of the new Facebook digital uniform.
Among the many opinions expressed over the last few days, the one issued by Mark Carney, governor of Bank of England, who has shown himself to be much more balanced than some of his colleagues who spoke earlier. Let's go see why.
Mark Carney's words
Mark Carney's opinion on Libra was released during a recent one press conference which starred the number one in Bank of England. The central point of his speech goes in particular to touch on a topic that in escaping controversy of the last hours has escaped many: the new creation of social media by Mark Zuckenberg aims to solve some problems related to international transactions and payments. On this aspect, and not on the potential negative sides, all those who are called to analyze the Libra phenomenon should therefore be concentrated.
Carney himself then wanted to add an entirely acceptable opinion, namely the need for Libra to go to resolve the most controversial points related to its advent before making an appearance on the markets, scheduled for early next year. A wish linked precisely to the remarkable ambitions expressed by the White Paper, according to which it should become a systemic product which, as such, cannot afford to beat blank hits, for example by leading to the stealing of client funds or even going temporarily off-line.
Donald Trump's thunder
Carney's words, however, were counterbalanced by Carney's Donald Trump. The current White House tenant, in fact, expressed all his doubts about Libra in a tweet that soon went around the world, stating that if "... Facebook and other companies want to become a bank they must obtain a new bank authorization document and be subject to all banking rules, like other banks, both national and international". In the same message, the President of the United States then further raised the tone, stating that his country already has a real currency with a dominant position, which will never be scratched.
An opinion arrived a few hours away fromhearing at the Congress of Jerome Powell, the Federal Reserve chairman, who in turn had expressed the opinion that Facebook should slow down its path towards the launch of Libra. According to him, a need precisely due to the need to clarify a series of aspects, in particular of a legislative nature, which could make the virtual uniform of Menlo Park a problem of considerable proportions.
Meanwhile, Facebook seems to acknowledge the considerable resistance its project is encountering, giving accommodating answers to the findings, but it is not yet clear how the company will set up its venture strategies. All that remains is to wait for subsequent developments.
