Will Facebook’s Libra Scramble the Regulatory Calculus for Crypto Assets?

By Dr. Sayuri Shirai, Visiting Scholar at ADBI, Tokyo.

By Dr. Sayuri Shirai, 
Visiting Scholar, Asian Development Bank Institute (ADBI), Tokyo

Will Facebook’s Libra Scramble the Regulatory Calculus for Crypto Assets?

Image Attribute: Facebook's Libra Cryptocurrency / Source: France24

There are currently over 2,000 crypto assets like Bitcoin that can be exchanged for goods and services in many countries anonymously, instantaneously, and at any time. These emerging forms of private sector money, or cryptocurrencies, provide their units of account and are based on ledger technology such as blockchain which makes the falsification of transaction data difficult. Unlike cash, transactions using crypto assets are also technically traceable and a positive or negative interest rate can be charged, potentially improving the effectiveness of the monetary policy.

Yet, central banks and regulatory authorities around the world so far do not regard crypto assets as money, mainly because of the extreme volatility in their values that hamper their widespread use as a medium of exchange and store of value. Many crypto assets set a cap on the amount of issuance in advance to prevent their value from dropping sharply. Nevertheless, the value of crypto assets remains highly volatile, largely due to their lack of intrinsic value.

In addition, consumers and investors are not well-protected. Crypto assets are subject to technical and legal problems such as scalability; 51% attack and double-spending challenges; vulnerability to cyber-attacks; and susceptibility to money laundering and illegal activities.

Confronting volatility via “stablecoins

In recent years, new types of crypto assets, called stablecoins,” have emerged as a way of overcoming volatility problems. A stable value can be achieved since issuers supply users with stablecoins in exchange for legal tender or gold that can be accumulated to meet users’ requests for redemptions of legal tender or gold.

The original stable coin is Tether, issued by Hong Kong, China-registered Tether Limited. Tether Limited began to issue Tether in 2015 with its own unit of account, called USDT, with 100% underlying reserves comprised of US dollars and equivalents. Tether Limited is a central entity that functions solely as an issuer of Tether and a custodian of reserve assets. Tether is also issued against the euro with its own unit, EURT, which works in a similar manner but is limited in scale.

While Tether has the largest market capitalization among stablecoins, its market capitalization amount remains limited. Since 2017, moreover, allegations have been reported against Tether concerning the lack of proper auditing and disclosure.[1]

Enter Facebook’s Libra

Facebook’s announcement in June that it will issue a global crypto asset called Libra in 2020 has captured significant attention. Facebook’s subsidiary called Calibra will provide financial services to smartphone holders participating in the Libra network. Once people open an account, funds such as US dollar funds can be converted to Libra to place in their digital wallet.

These services are expected to create new business opportunities for individuals and small firms and promote financial inclusion. Like Tether, Libra will be a stablecoin but one stabilized against a basket of reputable fiat currencies—similar to Singapore’s basket currency or the IMF’s special drawing right—and reserve assets will be maintained in bank deposits and short-term treasury securities denominated in those currencies. Therefore, Libra will be more volatile than Tether.

The Libra Association, headquartered in Geneva, Switzerland, was established as an independent non-profit entity to manage the whole system. It is responsible for the issuance or destruction of Libra, management of reserve assets, development of the Libra network, and promotion of financial inclusion.

The association is comprised of a consortium of 28 founding members, including Calibra, Visa, Mastercard, Vodafone, and Uber, among others. The Libra Association is governed by the Libra Association Council, which is comprised of these funding members. Major decisions will be made based on the consent of two-thirds of the Libra Association Council. The number of founding members is expected to grow to about 100 by the first half of 2020.

Source: Prepared by the author.

Tighter regulation needed?

The sizeable resources and growth potential that Facebook’s Libra will bring to the stablecoin marketplace could portend a new era of recognition and supervision of crypto assets by financial supervisors.

An important issue is whether tighter regulation should be applied to stablecoins compared to other crypto assets. First, the borderline between crypto assets and money issued by central banks or the private sector is becoming unclear. Central banks and regulatory authorities may find it difficult to avoid regarding stablecoins as “money” if it is widely used as unit of account, medium of exchange, and store of value.

Second, stablecoins may increase more illegal and terrorist activities than other crypto assets. Concerns over financial stability risk must also be considered since the public may shift funds from retail deposits managed by local banks to stablecoins in the substantially low interest rate environment, or because capital flight can be more easily conducted from fiat currencies of unstable, unreliable governments.

Third, a shift from domestic fiat currencies to stablecoins may not only erode the effectiveness of monetary policy but also promote substantial depreciation, thus leading to foreign debt crises.

For these reasons, tighter regulations may be necessary. Examples could include requiring issuers to obtain licenses, such as those for money transfer operators or commercial banks. Effective regulations must also require international coordination or standardization of associated regulations.

This article was first published in Asia Pathways, the blog of the Asian Development Bank Institute, Tokyo, Japan.

About the Author:

Dr. Sayuri Shirai is currently a professor of Keio University (Japan) and also a visiting scholar at the Asian Development Bank Institute in Tokyo.

References:

[1] Kharpal, A., All you need to know about tether, the cryptocurrency that could have ‘devastating’ effects on the market, https://www.cnbc.com/2018/02/02/tether-what-you-need-to-know-about-the-cryptocurrency-worrying-markets.html

DISCLAIMER: The views expressed in this insight piece are those of the author and do not necessarily reflect the official policy or position of the IndraStra Global.
Name

-51,1,3D Technology,2,5G,9,Abkhazia,2,Academics,10,Accidents,20,Activism,1,Adani Group,4,ADB,12,ADIZ,1,Adults,1,Advertising,31,Advisory,2,Aerial Reconnaissance,13,Aerial Warfare,35,Aerospace,5,Afghanistan,88,Africa,111,Agile Methodology,2,Agriculture,20,AI Policy,1,Air Crash,10,Air Defence Identification Zone,1,Air Defense,6,Air Force,29,Air Pollution,1,Airbus,5,Aircraft Carriers,5,Aircraft Systems,5,Al Nusra,1,Al Qaida,4,Al Shabab,1,Alaska,1,ALBA,1,Albania,2,Algeria,3,Alibaba,1,American History,4,AmritaJash,10,Antarctic,1,Antarctica,1,Anthropology,7,Anti Narcotics,12,Anti Tank,1,Anti-Corruption,4,Anti-dumping,1,Anti-Piracy,2,Anti-Submarine,1,Anti-Terrorism Legislation,1,Antitrust,2,APEC,1,Apple,2,Applied Sciences,2,AQAP,2,Arab League,3,Architecture,2,Arctic,6,Argentina,7,Armenia,30,Army,3,Art,3,Artificial Intelligence,81,Artillery,2,Arunachal Pradesh,2,ASEAN,12,Asia,70,Asia Pacific,23,Assassination,2,Asset Management,1,Astrophysics,2,ATGM,1,Atmospheric Science,1,Atomic.Atom,1,Augmented Reality,7,Australia,56,Austria,1,Automation,13,Automotive,129,Autonomous Flight,2,Autonomous Vehicle,3,Aviation,63,AWACS,2,Awards,17,Azerbaijan,16,Azeri,1,B2B,1,Bahrain,9,Balance of Payments,2,Balance of Trade,3,Balkan,10,Balochistan,2,Baltic,3,Baluchistan,8,Bangladesh,28,Banking,52,Bankruptcy,2,Basel,1,Bashar Al Asad,1,Battery Technology,2,Bay of Bengal,5,BBC,2,Beijing,1,Belarus,3,Belgium,1,Belt Road Initiative,3,Beto O'Rourke,1,BFSI,1,Bhutan,13,Big Data,30,Big Tech,1,Bilateral Cooperation,19,BIMSTEC,1,Biography,1,Biotechnology,3,Birth,1,BISA,1,Bitcoin,9,Black Lives Matter,1,Black Money,3,Black Sea,2,Blockchain,32,Blood Diamonds,1,Bloomberg,1,Boeing,21,Boko Haram,7,Bolivia,6,Bomb,3,Bond Market,2,Book,11,Book Review,24,Border Conflicts,11,Border Control and Surveillance,7,Bosnia,1,Brand Management,14,Brazil,104,Brexit,22,BRI,5,BRICS,20,British,3,Broadcasting,16,Brunei,3,Brussels,1,Buddhism,1,Budget,4,Build Back Better,1,Bulgaria,1,Burma,2,Business & Economy,1191,C-UAS,1,California,5,Call for Proposals,1,Cambodia,7,Cameroon,1,Canada,54,Canadian Security Intelligence Service (CSIS),1,Carbon Economy,9,CAREC,1,Caribbean,9,CARICOM,1,Caspian Sea,2,Catalan,3,Catholic Church,1,Caucasus,9,CBRN,1,Cement,1,Central African Republic,1,Central Asia,81,Central Asian,3,Central Eastern Europe,47,Certification,1,Chad,2,Chanakya,1,Charity,2,Chatbots,2,Chemicals,7,Child Labor,1,Child Marriage,1,Children,4,Chile,10,China,575,Christianity,1,CIA,1,CIS,5,Citizenship,2,Civil Engineering,2,Civil Liberties,5,Civil Rights,2,Civil Society,5,Civil Unrest,1,Civilization,1,Clean Energy,5,Climate,66,Climate Change,22,Climate Finance,2,Clinical Research,3,Clinton,1,Cloud Computing,44,Coal,6,Coast Guard,3,Cocoa,1,Cognitive Computing,12,Cold War,5,Colombia,15,Commodities,4,Communication,11,Communism,3,Compliance,1,Computers,40,Computing,1,Conferences,1,Conflict,106,Conflict Diamonds,1,Conflict Resolution,48,Conflict Resources,1,Congo,1,Construction,5,Consumer Behavior,4,Consumer Price Index,4,COP26,4,COP28,1,Copper,2,Coronavirus,107,Corporate Communication,1,Corporate Governance,4,Corporate Social Responsibility,4,Corruption,4,Costa Rica,2,Counter Intelligence,15,Counter Terrorism,81,COVID,9,COVID Vaccine,6,CPEC,8,CPG,3,Credit,2,Credit Rating,1,Credit Score,1,Crimea,4,CRM,1,Croatia,2,Crypto Currency,16,Cryptography,1,CSTO,1,Cuba,7,Culture,5,Currency,8,Customer Relationship Management,1,Cyber Attack,7,Cyber Crime,2,Cyber Security & Warfare,115,Cybernetics,5,Cyberwarfare,16,Cyclone,1,Cyprus,5,Czech Republic,3,DACA,1,DARPA,3,Data,9,Data Analytics,36,Data Center,2,Data Science,2,Database,3,Daughter.Leslee,1,Davos,1,DEA,1,DeBeers,1,Debt,12,Decision Support System,5,Defense,12,Defense Deals,8,Deforestation,2,Deloitte,1,Democracy,21,Democrats,2,Demographic Studies,1,Demonetization,6,Denmark. F-35,1,Denuclearization,1,Diamonds,1,Digital,39,Digital Currency,1,Digital Economy,10,Digital Marketing,6,Digital Transformation,11,Diplomacy,14,Diplomatic Row,2,Disaster Management,4,Disinformation,2,Diversity & Inclusion,1,Djibouti,2,Documentary,3,Doklam,2,Dokolam,1,Dominica,2,Donald Trump,46,Donetsk,2,Dossier,2,Drones,14,E-Government,2,E-International Relations,1,Earning Reports,3,Earth Science,1,Earthquake,7,East Africa,2,East China Sea,9,eBook,1,ECB,1,eCommerce,11,Econometrics,2,Economic Justice,1,Economics,43,Economy,107,ECOWAS,2,Ecuador,3,Edge Computing,2,Editor's Opinion,49,Education,65,EFTA,1,Egypt,27,Election Disinformation,1,Elections,40,Electric Vehicle,14,Electricity,7,Electronics,8,Emerging Markets,1,Employment,19,Energy,316,Energy Policy,28,Energy Politics,27,Engineering,24,England,2,Enterprise Software Solutions,8,Entrepreneurship,15,Environment,47,ePayments,13,Epidemic,6,ESA,1,Ethiopia,3,Eulogy,4,Eurasia,3,Euro,6,Europe,13,European Union,229,EuroZone,5,Exchange-traded Funds,1,Exclusive,2,Exhibitions,2,Explosives,1,Export Import,6,F-35,6,Facebook,9,Fake News,3,Fallen,1,FARC,2,Farnborough. United Kingdom,2,FATF,1,FDI,5,Featured,1350,Federal Reserve,2,Fidel Castro,1,FIFA World Cup,1,Fiji,1,Finance,18,Financial Markets,58,Financial Planning,1,Financial Statement,2,Finland,5,Fintech,14,Fiscal Policy,14,Fishery,3,Five Eyes,1,Food Security,27,Forces,1,Forecasting,2,Foreign Policy,13,Forex,4,France,33,Free Market,1,Free Syrian Army,4,Free Trade Agreement,1,Freedom,3,Freedom of Press,1,Freedom of Speech,2,Frigate,1,FTC,1,Fujairah,97,Fund Management,1,Funding,22,Future,1,G20,10,G24,1,G7,4,Gaddafi,1,Gambia,2,Gaming,1,Garissa Attack,1,Gas Price,23,GATT,1,Gaza,13,GCC,11,GDP,13,GDPR,1,Gender Studies,2,Geneal Management,1,General Management,1,Generative AI,7,Genetics,1,Geo Politics,105,Geography,2,Geoint,14,Geopolitics,8,Georgia,11,Georgian,1,geospatial,9,Geothermal,2,Germany,67,Ghana,3,Gibratar,1,Gig economy,1,Global Perception,1,Global Trade,95,Global Warming,1,Global Water Crisis,11,Globalization,3,Gold,2,Google,20,Gorkhaland,1,Government,128,Government Analytics,1,GPS,1,Greater Asia,169,Greece,13,Green Bonds,1,Green Energy,3,Greenland,1,Gross Domestic Product,1,GST,1,Gujarat,6,Gulf of Tonkin,1,Gun Control,4,Hacking,4,Haiti,2,Hamas,10,Hasan,1,Health,8,Healthcare,72,Heatwave,1,Helicopter,12,Heliport,1,Hezbollah,3,High Altitude Warfare,1,High Speed Railway System,1,Hillary 2016,1,Hillary Clinton,1,Himalaya,1,Hinduism,2,Hindutva,4,History,10,Home Security,1,Honduras,2,Hong Kong,7,Horn of Africa,5,Housing,16,Houthi,12,Howitzer,1,Human Development,32,Human Resource Management,5,Human Rights,6,Humanitarian,3,Hungary,3,Hunger,3,Hydrocarbon,3,Hydrogen,4,IAEA,2,ICBM,1,Iceland,2,ICO,1,Identification,2,IDF,1,Imaging,2,IMEEC,2,IMF,76,Immigration,19,Impeachment,1,Imran Khan,1,Independent Media,72,India,653,India's,1,Indian Air Force,19,Indian Army,7,Indian Nationalism,1,Indian Navy,27,Indian Ocean,24,Indices,1,Indigenous rights,1,Indo-Pacific,4,Indonesia,19,IndraStra,1,Industrial Accidents,3,Industrial Automation,2,Industrial Safety,4,Inflation,10,Infographic,1,Information Leaks,1,Infrastructure,3,Innovations,22,Insider Trading,1,Insurance,3,Intellectual Property,3,Intelligence,5,Intelligence Analysis,8,Interest Rate,3,International Business,13,International Law,11,International Relations,9,Internet,53,Internet of Things,34,Interview,8,Intra-Government,5,Investigative Journalism,4,Investment,32,Investor Relations,1,iPhone,1,IPO,4,Iran,202,Iraq,54,IRGC,1,Iron & Steel,4,ISAF,1,ISIL,9,ISIS,33,Islam,12,Islamic Banking,1,Islamic State,86,Israel,142,ISRO,1,IT ITeS,136,Italy,10,Ivory Coast,1,Jabhat al-Nusra,1,Jack Ma,1,Jamaica,3,Japan,88,JASDF,1,Jihad,1,JMSDF,1,Joe Biden,6,Joint Strike Fighter,5,Jordan,7,Journalism,6,Judicial,4,Justice System,3,Kanchin,1,Kashmir,8,Kaspersky,1,Kazakhstan,25,Kenya,5,Khalistan,2,Kiev,1,Kindle,700,Knowledge Management,4,Korean Conflict,1,Kosovo,2,Kubernetes,1,Kurdistan,8,Kurds,10,Kuwait,7,Kyrgyzstan,9,Labor Laws,10,Labor Market,4,Land Reforms,3,Land Warfare,21,Languages,1,Laos,2,Large language models,1,Laser Defense Systems,1,Latin America,80,Law,6,Leadership,3,Lebanon,10,Legal,11,LGBTQ,2,Li Keqiang,1,Liberalism,1,Library Science,1,Libya,14,Liechtenstein,1,Lifestyle,1,Light Battle Tank,1,Linkedin,1,Littoral Warfare,2,Livelihood,3,Loans,9,Lockdown,1,Lone Wolf Attacks,2,Lugansk,2,Macedonia,1,Machine Learning,7,Madagascar,1,Mahmoud,1,Main Battle Tank,3,Malaysia,12,Maldives,13,Mali,7,Malware,2,Management Consulting,6,Manpower,1,Manto,1,Manufacturing,15,Marijuana,1,Marine Engineering,3,Maritime,50,Market Research,2,Marketing,38,Mars,2,Martech,10,Mass Media,29,Mass Shooting,1,Material Science,2,Mauritania,1,Mauritius,2,MDGs,1,Mechatronics,2,Media War,1,MediaWiki,1,Medicare,1,Mediterranean,12,MENA,6,Mental Health,4,Mercosur,2,Mergers and Acquisitions,18,Meta,2,Metadata,2,Metals,3,Mexico,13,Micro-finance,4,Microsoft,12,Migration,19,Mike Pence,1,Military,110,Military Exercise,10,Military-Industrial Complex,3,Mining,15,Missile Launching Facilities,6,Missile Systems,56,Mobile Apps,3,Mobile Communications,11,Mobility,4,Modi,8,Moldova,1,Monaco,1,Monetary Policy,6,Money Market,2,Mongolia,11,Monkeypox,1,Monsoon,1,Montreux Convention,1,Moon,4,Morocco,2,Morsi,1,Mortgage,3,Moscow,2,Motivation,1,Mozambique,1,Mubarak,1,Multilateralism,2,Mumbai,1,Muslim Brotherhood,2,Mutual Funds,1,Myanmar,30,NAFTA,3,NAM,2,Namibia,1,Nanotechnology,4,Narendra Modi,2,NASA,13,National Identification Card,1,National Security,5,Nationalism,2,NATO,33,Natural Disasters,14,Natural Gas,33,Natural Language Processing,1,Nauru,1,Naval Base,5,Naval Engineering,23,Naval Intelligence,2,Naval Postgraduate School,2,Naval Warfare,50,Navigation,2,Navy,23,NBC Warfare,2,NDC,1,Nearshoring,1,Negotiations,2,Nepal,12,Netflix,1,Neurosciences,7,New Delhi,4,New Normal,1,New York,5,New Zealand,7,News,1244,News Publishers,1,Newspaper,1,NFT,1,NGO,1,Nicaragua,1,Niger,3,Nigeria,10,Nikki Haley,1,Nirbhaya,1,Non Aligned Movement,1,Non Government Organization,4,Nonproliferation,2,North Africa,23,North America,53,North Korea,58,Norway,5,NSA,1,NSG,2,Nuclear,41,Nuclear Agreement,32,Nuclear Doctrine,2,Nuclear Energy,4,Nuclear Fussion,1,Nuclear Propulsion,2,Nuclear Security,47,Nuclear Submarine,1,NYSE,1,Obama,3,ObamaCare,2,OBOR,15,Ocean Engineering,1,Oceania,2,OECD,5,OFID,5,Oil & Gas,382,Oil Gas,7,Oil Price,73,Olympics,2,Oman,25,Omicron,1,Oncology,1,Online Education,5,Online Reputation Management,1,OPEC,129,Open Access,1,Open Journal Systems,1,Open Letter,1,Open Source,4,OpenAI,2,Operation Unified Protector,1,Operational Research,4,Opinion,685,Opinon Poll,1,Optical Communications,1,Pacific,5,Pakistan,181,Pakistan Air Force,3,Pakistan Army,1,Pakistan Navy,3,Palestine,24,Palm Oil,1,Pandemic,84,Papal,1,Paper,3,Papers,110,Papua New Guinea,2,Paracels,1,Partition,1,Partnership,1,Party Congress,1,Passport,1,Patents,2,PATRIOT Act,1,Peace Deal,6,Peacekeeping Mission,1,Pension,1,People Management,1,Persian Gulf,19,Peru,5,Petrochemicals,1,Petroleum,19,Pharmaceuticals,14,Philippines,17,Philosophy,2,Photos,3,Physics,1,Pipelines,5,PLA,2,PLAN,4,Plastic Industry,2,Poland,8,Polar,1,Policing,1,Policy,8,Policy Brief,6,Political Studies,1,Politics,52,Polynesia,3,Pope,1,Population,6,Portugal,1,Poverty,8,Power Transmission,6,President APJ Abdul Kalam,2,Presidential Election,30,Press Release,158,Prison System,1,Privacy,18,Private Equity,2,Private Military Contractors,2,Privatization,1,Programming,1,Project Management,4,Propaganda,5,Protests,11,Psychology,3,Public Policy,55,Public Relations,1,Public Safety,7,Publications,1,Publishing,7,Purchasing Managers' Index,1,Putin,7,Q&A,1,Qatar,114,QC/QA,1,Qods Force,1,Quad,1,Quantum Computing,3,Quantum Physics,4,Quarter Results,2,Racial Justice,2,RADAR,2,Rahul Guhathakurta,4,Railway,9,Raj,1,Ranking,4,Rape,1,RBI,1,RCEP,2,Real Estate,6,Recall,4,Recession,2,Red Sea,4,Referendum,5,Reforms,18,Refugee,23,Regional,4,Regulations,2,Rehabilitation,1,Religion & Spirituality,9,Renewable,17,Report,4,Reports,46,Repository,1,Republicans,3,Rescue Operation,1,Research,5,Research and Development,24,Restructuring,1,Retail,36,Revenue Management,1,Rice,1,Risk Management,5,Robotics,8,Rohingya,5,Romania,2,Royal Canadian Air Force,1,Rupee,1,Russia,310,Russian Navy,5,Saab,1,Saadat,1,SAARC,6,Safety,1,SAFTA,1,SAM,2,Samoa,1,Sanctions,5,SAR,1,SAT,1,Satellite,14,Saudi Arabia,129,Scandinavia,6,Science & Technology,392,Science Fiction,1,SCO,5,Scotland,6,Scud Missile,1,Sea Lanes of Communications,4,SEBI,3,Securities,2,Security,6,Semiconductor,18,Senate,4,Senegal,1,SEO,5,Serbia,4,Services Sector,1,Seychelles,2,SEZ,1,Shadow Bank,1,Shale Gas,4,Shanghai,1,Sharjah,12,Shia,6,Shinzo Abe,1,Shipping,9,Shutdown,2,Siachen,1,Sierra Leone,1,Signal Intelligence,1,Sikkim,5,Silicon Valley,1,Silk Route,6,Simulations,2,Sinai,1,Singapore,16,Situational Awareness,20,Small Modular Nuclear Reactors,1,Smart Cities,7,Social Media,1,Social Media Intelligence,40,Social Policy,40,Social Science,1,Social Security,1,Socialism,1,Soft Power,1,Software,7,Solar Energy,14,Somalia,5,South Africa,20,South America,46,South Asia,467,South China Sea,35,South East Asia,74,South Korea,57,South Sudan,4,Sovereign Wealth Funds,1,Soviet,2,Soviet Union,9,Space,46,Space Station,2,Spain,9,Special Forces,1,Sports,3,Sports Diplomacy,1,Spratlys,1,Sri Lanka,23,Stablecoin,1,Stamps,1,Startups,43,State of the Union,1,STEM,1,Stephen Harper,1,Stock Markets,23,Storm,2,Strategy Games,5,Strike,1,Sub-Sahara,3,Submarine,16,Sudan,5,Sunni,6,Super computing,1,Supply Chain Management,47,Surveillance,13,Survey,5,Sustainable Development,18,Swami Vivekananda,1,Sweden,4,Switzerland,6,Syria,112,Taiwan,30,Tajikistan,12,Taliban,17,Tamar Gas Fields,1,Tamil,1,Tanzania,4,Tariff,4,Tata,3,Taxation,25,Tech Fest,1,Technology,13,Tel-Aviv,1,Telecom,24,Telematics,1,Territorial Disputes,1,Terrorism,77,Testing,2,Texas,3,Thailand,11,The Middle East,648,Think Tank,316,Tibet,3,TikTok,1,Tobacco,1,Tonga,1,Total Quality Management,2,Town Planning,2,TPP,2,Trade Agreements,14,Trade War,10,Trademarks,1,Trainging and Development,1,Transcaucasus,19,Transcript,4,Transpacific,2,Transportation,47,Travel and Tourism,13,Tsar,1,Tunisia,7,Turkey,74,Turkmenistan,10,U.S. Air Force,3,U.S. Dollar,2,UAE,139,UAV,23,UCAV,1,Udwains,1,Uganda,1,Ukraine,109,Ukraine War,21,Ummah,1,UNCLOS,7,Unemployment,1,UNESCO,1,UNHCR,1,UNIDO,2,United Kingdom,82,United Nations,28,United States,750,University and Colleges,4,Uranium,2,Urban Planning,10,US Army,12,US Army Aviation,1,US Congress,1,US FDA,1,US Navy,18,US Postal Service,1,US Senate,1,US Space Force,2,USA,16,USAF,21,USV,1,UUV,1,Uyghur,3,Uzbekistan,13,Valuation,1,Vatican,3,Vedant,1,Venezuela,19,Venture Capital,4,Vibrant Gujarat,1,Victim,1,Videogames,1,Vietnam,24,Virtual Reality,7,Vision 2030,1,VPN,1,Wahhabism,3,War,1,War Games,1,Warfare,1,Water,17,Water Politics,7,Weapons,11,Wearable,2,Weather,2,Webinar,1,WeChat,1,WEF,3,Welfare,1,West,2,West Africa,19,West Bengal,2,Western Sahara,2,White House,1,Whitepaper,2,WHO,3,Wholesale Price Index,1,Wikileaks,1,Wikipedia,2,Wildfire,1,Wildlife,3,Wind Energy,1,Windows,1,Wireless Security,1,Wisconsin,1,Women,10,Women's Right,11,Workers Union,1,Workshop,1,World Bank,34,World Economy,32,World Peace,10,World War I,1,World War II,3,WTO,6,Wyoming,1,Xi Jinping,9,Xinjiang,2,Yemen,27,Yevgeny Prigozhin,1,Zbigniew Brzezinski,1,Zimbabwe,2,
ltr
item
IndraStra Global: Will Facebook’s Libra Scramble the Regulatory Calculus for Crypto Assets?
Will Facebook’s Libra Scramble the Regulatory Calculus for Crypto Assets?
By Dr. Sayuri Shirai, Visiting Scholar at ADBI, Tokyo.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSTlinLVxdAQXLoS9ckyiKLxpTFCBMvnQjeDyXRv72iMBJgnPpksUL7YnCtQ7gdorb1V00nFHxVWLlO26zuA2FbccM3Zq_iXFZU3BhftDwl0XQWXxnT0Y7aYkmSraalEdIsPr6NRGwLHo/s640/libra.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSTlinLVxdAQXLoS9ckyiKLxpTFCBMvnQjeDyXRv72iMBJgnPpksUL7YnCtQ7gdorb1V00nFHxVWLlO26zuA2FbccM3Zq_iXFZU3BhftDwl0XQWXxnT0Y7aYkmSraalEdIsPr6NRGwLHo/s72-c/libra.jpg
IndraStra Global
https://www.indrastra.com/2019/08/Facebook-Libra-Regulatory-Calculus-for-Crypto-Assets-005-08-2019-0032.html
https://www.indrastra.com/
https://www.indrastra.com/
https://www.indrastra.com/2019/08/Facebook-Libra-Regulatory-Calculus-for-Crypto-Assets-005-08-2019-0032.html
true
1461303524738926686
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content