Are financial wars about to start? Big tech Corps establish an Association where they will try to obtain more power though money, on the other side banks and governments will fight to keep the power to control against a more sophisticated “enemy” with knowledge far better than theirs. But the revolution is hiding in the shadows, slowly gaining more and more power.
The above is not the scenario of a post-apocalyptic movie that is coming out soon. After the request letter that has been sent to Facebook about their new cryptocurrency, Libra, we could expect something to start.
Facebook is only one part of an Association made up by big companies called Libra Association. It is safe to assume that the letter is addressed essentially to everyone who is part of the Libra Association. So far Libra Association or Facebook haven’t answered to the request of suspending the project.
All we can do now is to speculate, but let’s think outside the box for a moment. Most likely at the moment Facebook’s and Libra Association’s lawyers, are working 24/7 to find an opening in the law so they can answer the request. It depends on what they can find and if it is enough for them to use it against the request of House Financial Services Committee.
After House Financial Services Committee admitted in the letter that Libra cryptocurrency could disrupt world’s financial stability, people on Libra Association must been very happy when they hear it because U.S. essentially recognizes the power Libra Association has.
The Shadow Player the Financial Wars
But in the scenario I mentioned above there are not only two players, there is one more and he is the most honest of all, its name Bitcoin. But why Bitcoin should care and what Bitcoin has to gain from all that?
You see in a “war” the sides who fight always show their true face, and neither of their faces is good enough for the rest of the world. People will eventually notice it and then they will try to find an honest alternative. This is where Bitcoin steps in. Someone can say that Bitcoin is the stabilizer to world’s financial instability.
Disregarding how things will play out regarding the letter, it is very interesting to see what would really happen in the next month or two as Libra’s release date getting closer.