I'm curious where they draw the line for "company offering financial services". Even if Facebook falls into the big online tech bracket, they explicitly wanted Libra to be a separate entity. In the extreme case, they could hand over Libra completely to other companies and deeply integrate as a payment system/wallet for Libra that they have "no control" over.
“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System,” it proposes.
I don't understand it this way. Facebook is the platform and it can organise Libra in a way that it doesn't actually operate or maintain the cryptocurrency itself.
I'm assuming that implementing a wallet is not part of operating the currency.
I wonder if Calibra is made into a non-custodial Bitcoin wallet and integrated into Whatsapp instead... does that count as "offering financial services"?
