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00:00STORY, WRITTEN ABOUT IT, TESTIFIED YOURSELF. YOU HAVE BEEN CRITICAL ABOUT THE LIBRA PROJECT. WHAT IS YOUR NUMBER ONE CONCERN? > > THAT WE BASICALLY HAVE A PRIVATELY SPONSORED, FOR-PROFIT CURRENCY AT THE GLOBAL LEVEL THAT IS NOT SAFEGUARDED, AND MIGHT INCREASE RISKS. JOE: THE ARGUMENT YOU ARE HEARING FROM PEOPLE PUSHING BACK IS EITHER IT IS NOT NEEDED, OR IF IT IS NEEDED , THE CENTRAL BANKS SHOULD BE IN CHARGE OF IT. > > THERE IS A POINT THAT SOMETHING LIKE LIBRA IS NEEDED. I THINK THEY HAVE A POINT THAT OUR CURRENT PAYMENT SYSTEM IS OUTDATED, PARTICULARLY IN THE UNITED STATES, THAT WE COULD HAVE A SYSTEM THAT IS MORE EFFICIENT AND COULD MAKE TRANSACTIONS CHEAPER FROM MORE PEOPLE. WE SHOULD UPDATE OUR SYSTEM, AND THE PUSH IS WELCOME. THE QUESTION IS WHO SHOULD GOVERN THAT , WHETHER PRIVATE FORCES OR A PAYMENT SYSTEM AND THE MONEY TRANSFERRED THROUGH THAT PAYMENT SYSTEM IS A PUBLIC GOOD THAT SHOULD BE STARTED BY OTHER AGENTS. CAROLINE: WILL THE U.S. CENTRAL BANK IN U.S. REGULATORS EMBRACE IT FROM THE PUBLIC PERSPECTIVE? THEY HAVE NOT YET. OTHER COMPANIES WOULD HAVE THE EQUAL STATES. IT WOULDN ' T BE FACEBOOK ONLY. DO WE NOT NEED SOME SORT OF PLATFORM THAT WOULD HELP BRING SUCH PAYMENTS ABOUT? WOULD THE ADOPTION OF THE DIGITALIZED DELICATE INTO THE ECOSYSTEM IS QUICKLY IF IT WAS NOT THROUGH A PLATFORM SUCH AS FACEBOOK? > > THIS IS WHAT FACEBOOK IS OFFERING, TWO POINT 7 BILLION USERS AROUND THE GLOBE, SO WE COULD SCALE THIS AT A LEVEL THAT KNOW NATIONAL CENTRAL BANK COULD DO. FACEBOOK IS ONE OF MANY. I DON ' T THINK LIBRA COULD START WITHOUT FACEBOOK BEING A PART OF IT. THAT TELLS YOU IT IS NOT ONE OVERLY AMONG EQUALS. I WOULD IMAGINE ALL THE ATTEMPTS TO GET TO REGULATORY HURDLES ARE NOT BEING PAID FOR BY THE LIBRA ASSOCIATION, BUT FACEBOOK. ROMAINE: LET ' S TALK ABOUT HOW IT

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Columbia Law School's Katharina Pistor on Facebook's Libra (Video)

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