Comment: Libra or the Power of money

0
394

Crypto-currencies like Bitcoin have been around for longer. But since Facebook is a private currency project by the name of Libra, to be pursued by the financial authorities in the Western world nervous. Well, says Henrik Böhme.

Taxi drivers all over the world desire, because you want to make a driving service called Uber, the business in dispute. Yet the courts judgments, within the meaning of the old business model against Uber – but for how long? Hotels fewer Nights, because people prefer to book through Airbnb your Bed. Here, too, courts against the new competitors from the Internet to judge, because the business principle means a misuse of scarce housing. Phone companies lose sales because of phone calls from one continent to another via WhatApp for free. TV-cable providers are facing lean times, because more and more people, young especially, with the offer of streaming services such as Netflix or DAZN everything what you are looking for. The retail trade suffers, because in the end, however, prefer a quick click on Amazon and Co will be ordered.

It has long been the case everywhere with hands, what is meant by this, if somewhere in bold that is, the digitisation will not only transform our daily life, but also in many sectors, whether in industry or services. To stop this process seems to be, and it is simply not conceivable, this wheel to turn back. And the next industry is being turned upside down: The financial industry.

Henrik Böhme, DW-business editorial

So-called Krytowährungen since some time in the headlines, however, rather of the negative kind. made The most famous of these digital cash, the Bitcoin, with unprecedented price-to-freak attention – or if there are any Internet criminals accepted the ransom only in the Form of Bitcoin. Also for the organised crime or the drug Mafia are crypto-currencies a gift from the heavens. Because the track of the digital money in the unknown shallows between the zeros and ones of almost perfect disguise.

The good Mister Zuckerberg

But friends, friends, we all know it is. Therefore, the Overseer coming from the analog money-the world is watching, the world of the Digi-Coins, since their Emergence more than skeptical. Happened so far, however, little to nothing. But that changes right now. Some time ago, namely, the Internet giant Facebook made its plans its own Digital currency called Libra public.

As always, if Mark Zuckerberg has such ideas, he, of course, only Good. A global Internet supply to the last corner of this earth: of course, a purely human story. Now, a digital currency, to make the Transfer of money so fast, safe, easy and cheap as Sending a WhatsApp message (WhatsApp, just to remind you, is a Facebook subsidiary). The goal of the Libra consortium is not, of course, to make a Profit, but to make certain that 1.7 billion people have no access to financial services, this access. So also here: a totally human story.

Alone, it is the Faith that Zuckerberg and His lead actually Good. Why then have turned to Ebay, Paypal, Mastercard and Visa consortium, the back? Why all of a sudden the Supervisory authorities and Finance Ministers are nervous? Why is Zuckerberg grilled this week about six hours in front of a Committee of the U.S. Congress? Even the head of the largest Bank in the world, Jamie Dimon of JP Morgan Chase, not really sovereign, if he says that Libra had “no future” and will happen “never”. A whistle in the forest?

Mark Zuckerberg during a hearing in the US Congress on Wednesday, 23.10.

The end of the Dollar?

The fear is that, if a group makes with a such market, like Facebook, with its 2.4 billion users in the financial market, the stability of this market could be at risk. Even more: This could undermine the role of the Dollar as the world reserve currency. The dramatic consequences for the U.S. but foreign policy: Many of the sanctions against unpopular Regimes or dictators operate on the currency. The can’t possibly. Whether it’s money laundering or terrorist financing: If cash flows are not traceable (which is already hard enough as it is), could spiral things out of control.

Even the Europeans are waking up. Germany’s Finance Minister, Olaf Scholz, has established itself as the protagonist against the Libra, recently received in Washington, applauded even by the chief of the US Central Bank for its risk analysis. Scholz does not want to not only have the Libra, but an Alternative is to create quick and cost-effective Transfer of money across national borders. “We need the digital Euro”, – stated support from the German Association of private banks. And more: we don’t Do it, then others will make it.

It sounds almost like a copy of Mark of sugar castle. The had in front of US-members a compelling Argument at the ready: It would be better if the regulators would approve its Libra project. Because America would not do anything (Zuckerberg said, of course, Facebook), then it made it different: In China long ago, similar plans would be developed, which would be a much greater danger. So the big question is: Will States have in the future, the money monopoly, be it private companies such as Facebook or the operator of the server farms, the digging around the world of Bitcoins?

The battle for the money of the future is already opened.