Perspectives on (Ca-) Libra # 1: Getting rid of three smokescreens

Libra is a privately issued and distributed digital and virtual ‘currency’, that is intended to function as a means of payment.It is not a true currency because its actual composition/counter value is a basket of fiat-currencies and financial instruments.It is not e-money as the Libra is not ‘monetary value’. The digital value qualifies bothas a financial instrument (a mini-participation in an open ended investment fund) anda payment instrument, to be used for payment and acquiring. Both payments and securities legislation apply, as well as the relevant competition and consumer protection rules.

As we, as Facebook are in it strictly for our own goals, we intend to hide our true intentions and motivations so we can fool the community and our partners in the ecosystem to go along.

We believe that many more people should buy financial and identity services from our company specifically, even when doing so will come at a higher cost than the available alternatives.

We don’t believe that people have an inherent right to control the fruit of their legal labour.

We believe that global, open, instant, and low-cost movement of money will create immense economic opportunity and more commerce for us in particular.

We believe that people will increasingly trust centralized forms of governance.

We believe that a global currency and financial infrastructure should not be designed and governed as a public good.

We believe that we don’t bear a final responsibility ourselves to help advance financial inclusion, support ethical actors, and continuously uphold the integrity of the ecosystem.

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