A representative of the European Central Bank (ECB) has slammed Facebook‘s quasi-cryptocurrency Libra, referring to its proposed ecosystem as a “siren call.” Yves Mersch, Luxemborgian lawyer and ECB executive board member, even told attendees of the European System of Central Banks’ legal conference the Libra ecosystem will be “cartel-like.” After prefacing his concerns with a history lesson on trust (which unimaginatively centered on the notion that the only “trustworthy” money is the sort backed by the state), Mersch actually painted a realistic picture of Facebook‘s intention for its funny-money: centralized governance, centralized issuance, centralized control. “To begin with, Libra coins will…
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Monday 2 September 2019
