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Facebook's Libra cryptocurrency faces new hurdle from G7 nations

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By Tom Wilson and Balazs Koranyi

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Since the facebook libra coin is backed by 21 country currencies so far and with each one having a different value. There would have to be 21 different libra coins. Do they have the same name?? Say you can by 100 Haitian libra at the value of the Gourdes. Go to the US and cash in 100 libra for USD. Do you get 2 USD or 100?

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Any country can and should create its on cryptocurrency. Facebook libra seems too much of a hassle. I would exchange it for my countries currency but I would not allow its use.

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Since the facebook libra coin is backed by 21 country currencies so far and with each one having a different value. There would have to be 21 different libra coins.

I know nothing about libra beyond what I've read in a few news stories, but I'm pretty sure that there are not 21 different coins. That would mean that your logic that there would "have to be" 21 different coins would be incorrect. So the questions you asked based on that assumption don't really make sense.

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The Libra coin will be backed by and based on each countries currency. Each countries currency has a different value. Therefore each countries libra coin will have a different value

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each countries libra coin

There is only one coin for all countries. Not one coin for each country. Again you seem to be missing a fundamental understanding of what libra is, and are making comments based on something that doesn’t exist.

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By wanting Libra coin to be a global payment system that provides instant payment. Sounds like Libra coin is supposed to be a version of SWIFT instant payment system but with its own cryptocurrency.

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No, I don’t believe that accurately describes how libra is structured.

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Why not just provide an instant payment system without having to convert your money to a crypt coin to do it. Call it Libra instant payment.

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The US Gov already has its own stable crypto coin valued at the USD. There is no need for libra here. Western Union provides online instant sending and receiving of money.

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Why not just provide an instant payment system

Libra is not an instant payment system.

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The US Gov already has its own stable crypto coin valued at the USD. There is no need for libra 

Libra is not being provided by the US government.

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So it seems the Winkoevoss twin have a regulated stablecoin called the Gemini Dollar, it lets users send and receive money in US Dollar.

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Libra coin wants to be a stablecoin for 21 countries whose currencies have different values. It's an embellished Gemini dollar and the Winklevoss twins are at the forefront again.

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The facebook libra coin may yet take off if they can prove their will be no confusion between individual country currencies. Visa and Mastercard would have been good for this and may be reconsidering a libra coin alliance.

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The facebook libra coin may yet take off if they can prove their will be no confusion between individual country currencies.

They may have to use this new fangled concept known as an exchange rate.

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