Viewpoint: Libra Is an Opportunity to Leapfrog Chinese Fintech to Achieve Cashless Economy
By Peter Morici
Few things unite Democrats, the Trump administration,the Federal Reserve, and even France’s Finance Ministry like opposition to Facebook’s Libra. The principal grievances are that widespread use of Libra could instigate financial instability and further enable the illicit transactions of drug dealers and terrorists.
Virtually all this is disingenuous and reflects the insecurity of the political class.
The financial crisis was denominated in dollars. The shaky mortgages, shoddy bonds and derivatives were the work of regulated banks, mortgage brokers and other financial institutions doing business in greenbacks — before Bitcoin came along.
Photo courtesy of uditha wickramanayaka.