Yes, I simplified a bit. But remember, they are each paying facebook at least $10 million, who for now controls the development. I would be very surprised, if somehow Facebook maneuvered themselves out of a position of power over the Libra Reserve.
Even if the private currency is controlled equally by these companies, I am still fear-struck. Do I want these companies to be setting global economic policy?
That implies financial regulation that is even less democratic than it is now!
Even if the private currency is controlled equally by these companies, I am still fear-struck. Do I want these companies to be setting global economic policy?
That implies financial regulation that is even less democratic than it is now!