Much uncertainty has followed Facebook’s announcement of its crypto initiative Libra. Indeed, the UK finance minister Philip Hammond has been recorded saying that he wishes only for the regulators to have a say as to how the new plan of the social media giant will fit in with the regulatory framework of the country. He goes on to say that he believes it would be better for all if solely the regulatory authorities took up the task and left the politicians out of it. Furthermore, he highlighted the British government’s intent to engage with Facebook over the launching of its new crypto currency instead of trying to prohibit or ignore it. In fact, with the proper regulation Philip Hammond believes the introduction of a blockchain-based currency across the social media platforms to be a “positive thing.” Of course, he did also bring up the potential dangers in such a currency as it could well end up an instrument for money laundering and financing terrorism.
Politicians fear they will lose control how people will spend their money. Most politician, protests to the contrary, believe your money is their money and their money is their money.