Japan steps up study on regulation of Facebook's Libra project

By Ko Hirano

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Unlike Bitcoin, Libra, Facebook says, would have a stable value because it will be pegged to a basket of major currencies such as the dollar, euro and yen.

In other words, backed by nothing except a basket of fiat currencies which can be printed and inflated to oblivion. Libra = clone of fiat currency = fake money. This is not really surprising coming from an outfit as dodgy as facebook.

The finance chiefs from Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union called for "the highest standards of financial regulation" over Libra and proposed cryptocurrency retail payments to prevent potential money laundering, terrorist financing and other unlawful activity.

Let's pretend that it's real money and sell the illusion by calling "for the highest standards of financial regulation".

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Isnt the point of cryptocurrencies to prevent govt intrusion and knowing what we buy? Facebook is the corporate version of NSA.

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If you want a more stable cryptocurrency, rather than pegging to fiat currency, how about pegging to global population? More money circulated per birth, some taken out per death. Could per so 1 person = Ω100,000. With 7 billion people, there would be total of Ω700 trillion. If pop dropped to 6.5 billion, we'd have Ω650 trillion; if pop climbed to 8 billion, we'd have Ω800 trillion in circulation.

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Who'll buy it. Has that been considered? I prefer Bitcoin cash, it's not under corporate/ government influence and my data isn't sold to whomever. FB itself is kind of silly anyway.

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