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Warren, Brown Unload On ‘ZuckCoin’: Facebook “Cannot Be Trusted To Manage A Digital Currency”

Summary:
Warren, Brown Unload On 'ZuckCoin': Facebook "Cannot Be Trusted To Manage A Digital Currency" On a day that was pretty packed with a whole host of other news, Facebook apparently couldn't slip by without the Democrats in the Senate - or rather, two of them, Elizabeth Warren and Sherrod Brown - making a stink about ...

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Warren, Brown Unload On 'ZuckCoin': Facebook "Cannot Be Trusted To Manage A Digital Currency"

On a day that was pretty packed with a whole host of other news, Facebook apparently couldn't slip by without the Democrats in the Senate - or rather, two of them, Elizabeth Warren and Sherrod Brown - making a stink about their long-anticipated stablecoin pilot project, which is supposedly about to debut before the end of the year. The "pilot project" will involve only two countries at first - the US and Guatemala.

Warren, Brown Unload On 'ZuckCoin': Facebook

Famously, Guatemala is a country where a lot of remittance payments are sent - often by informal or under-recognized means - by Western Union or banks or other intermediaries that have been previously charging for the service. The Democrats have famously claimed to care about the fate of these people and their families.

Yet, Warren and Senate Banking Committee Chairman Sherrod Brown are urging Facebook to "immediately cease the company's pilot project" as Bloomberg wrote, for fear that Facebook doesn't have the capacity to manage some of the money supply since it's already too preoccupied fixing all the other problems in its shop, regarding Jan. 6 and all that other stuff the Dems love to talk about.

"Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient," the senators write today in a letter to Zuckerberg

The federal government has already made its views about Zuckerberg's latest science project well known. And that policy is effectively this: they're okay with Zuckerberg proceeding, so long as he coordinates his actions with the Fed. That's important because, as we have explained, it effectively makes FacebookCoin (or Novi or Diem or whatever they're calling it now) the proxy for the FedCoin.

But since they have literally already allowed thousands of random people to create "currencies" out of effectively thin air, they have no choice but to accept ZuckCoin.

It's kind of like what they're telling us about how we should trust them...

Tyler Durden Tue, 10/19/2021 - 18:05
Tyler Durden
Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit. Visit his blog: ZeroHedge (http://www.zerohedge.com/)

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