It seems that the US Government does not like Facebook interfering with the status quo of the US Dollar.
The Facebook team is embedded with other large entities that ate backing the Libra. These companies include Mastercard, Visa, Uber, Paypal, Lyft, Spotify with twenty-one other companies already onboard.
That’s a significant threat to the United States it seems.
The US government has penned a letter to the Libra Association and asked them to hold off on any such release. The Libra Association is located in Geneva. The hub of Swiss Business, Decentralization, Swiss bank accounts, and forward thinking.
Some countries and politicians have denounced the USD for global trade such as foreign minister for Iran, Mohammad Javad Zarif. In 2000 Iraq announced it would dump the US Dollar and we ended up with that desert war.
Muammar Gaddafi, leader of Lybia wanted to abandon the US dollar and ended up being killed by US Nato Forces in 2011.
I wonder what the US will do to all these US based companies that are backing the Libra Association in Geneva?
The United States is very worried about the disruption of the US Dollar.
Banking systems are still trying to come to terms with crypto currencies like Bitcoin (BTC), and Bitcoin cash (BTH), not to mentions the thousands of other cryptos being developed for blockchain.
Now the big threat that looms over the US Government is this Libra currency. It will be a huge financial disruptor, a big blow to their financial stability. The US does not like competition and it’s going to be interesting to see how this plays out.Share Now!