Winchester Uk
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Christopher Williams
Accolade: Blog group founder

Christopher Williams

Chairman at RTpay
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Bio Chairman of RTpay - a not for profit company focused on improving remittances and aid payments. Consulting service on FX and transaction processing. Career History Banking, foreign exchange consulting, e.commerce, transaction processing

Christopher is Commenting on

Facebook seeks to placate lawmakers over Libra but Mnuchin raises "serious concerns"

  Having just listened to Joe Kernen on CNBC, and Mnuchin last night, I am confused as to what they may be seeing in the Libra project which is totally at odds to my view.  Kernen says Libra has no value, unlike Bitcoin which he sees as a product of assured value. I cannot understand how a 'currency', such as Libra, which is 100% backed by the leading fiat currencies of the world (and all funds held in their government paper or in accounts in their leading banks) is other than secure in a way that Bitcoin can never be.  He also confuses the distributed ledger methods used for Bitcoin, which are both slow and involve heavy usage of power, with the fast, low power requirement of Libra. I understand the US administration may have doubts about Facebook's role, as a US-based company; I am not sure if they are also concerned about the majority of the 27 other companies (with equal roles in the Libra association) which are American? Does it not occur to any of them that it might be better not to block from offering a very valuable payment methodology to the two billion Facebook users around the world (many unbanked), than leave this to the Chinese organizations?  I wonder what the Swiss government makes of a Swiss non-profit association, with multiple large company ownership, being subjected to control from DC?  Perhaps the answer is for Libra to block any business from USA - and service all other countries - until there is an administration there who understand the enormous value of enabling, at the very least, remittances to be transferred at 1% as against the current 7%?  It may mean that only ecommerce merchants from other than USA would be able to work over the network as well? A silly idea, of course, but perhaps not as silly as the objection being expressed in DC, including confusing LIBOR with Libra!