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France, Germany blast Facebook's Libra; back public cryptocurrency

By Francesco Guarascio

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Banks want their 3.5% that they get from credit cards. Anything that can disrupt that crazy surcharge will be confronted with negative news.

Not a fan of allowing Facebook to become the manager of any currency, especially with their record of poor privacy handling and vast data mining of every thing everyone who sees a FB-Like image does in the entire world.

There has to be a better, reputable, crypto-currency, management solution that takes 0.0001% cuts for each transaction. Where are the Swiss when we need them?

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Any company or entity that pursues something like this has to be prepared to handle all the responsibilities (handcuffs) banks shoulder.. ie AML controls, regulatory rules, personal info handling controls, audits... the list goes on and on when you start handling other people’s money. All those controls costs money to implement and run, so you really can’t expect money handling fees to go down substantially with just some blockchain magic.

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