Check out FX charts for Russian Ruble, Argentinian Peso, Turkish Lyra or even the British Pound. Then ask yourself which of these countries have financial institutions that allow their clients to seamlessly transact in more stable currencies like US dollar or Euro and you have your answer.
Have you read the linked article? The protocol is open, anybody can build a wallet and transact p2p without KYC with a pseudonymous account. If they get the initial market penetration through WhatsApp/Facebook then it'll be as difficult to ban as Bitcoin. Facebook alone wouldn't have the means to stop those transactions even if they wanted to, this is not PayPal.
Considering that most of those have countries have trouble enforcing the most basic tax laws, I'd like to see them try banning digital money that can be transferred over encrypted channels.
> The protocol is open, anybody can build a wallet and transact p2p without KYC with a pseudonymous account.
The protocol may be open, but the permissioning participants are (as of writing) large multinational corporations. If a country tells them that they have credible reasons to believe Libra is being used for money laundering, tax evasion, or gasp funding terrorism, they will be more than happy to close those channels down.
From the article, we also have this quote (h/t 'Lucadg)
> At the core, we believe that a network that helps move more cash transactions — where a lot of illicit activities happen — to a digital network that features regulated on and off ramps with proper know-your-customer (KYC) practices, combined with the ability for law enforcement and regulators to conduct their own analysis of on-chain activity, will be a big opportunity to increase the efficacy of financial crimes monitoring and enforcement.
I don't follow this line of argument? I already keep my investments in a UK tax-sheltered savings account invested in US securities, and my credit and debit cards work for buying things in dollars, but most of my spending is in GBP. I could have a Euro-denominated bank account if I wanted. How much more "seamless" would I want?
Then you're a part of tiny minority who both has access to these tools and figured out that this is the proper way to manage your money. Exactly zero people I personally know manage their money that way. Libra does next to nothing for you.
