Beside getting rejected from Visa and Mastercard recently, a new wave of criticism comes from the German Finance Minister claiming that the creation of a world currency or Facebook’s Libra, in this case, should be prevented and at the same time, claiming that the creation of a world currency is the responsibility of democratic states.
Hypocritical much?
But the concern of stablecoins being used as a tool to money laundering and terrorist financing is very real. The reach and anonymity of Facebook’s users could potentially offer bad-doers the perfect tool for their nefarious doings. It is an issue that Facebook needs to address and potentially eradicate before regulators around the world will come to accept a world currency like Libra.
Stablecoins are digital currencies backed by traditional money.
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