The US Government Can Point Guns at Libra But Not Vice Versa

A detailed panel debated the definition and ramifications of Stablecoins, touching on several key points, including Libra

The Barcelona Trading Conference (BTC) is officially underway, diving into a detailed agenda filled with in-depth panels and seminars. Held at the International Convention Center of Barcelona, the event is the destination for some of the biggest names from around the crypto industry.

Heading into the event, Stablecoins were already an explosive topic in the industry, which unsurprisingly was featured as the initial focus of the event. A star-studded panel included the following specialists:

  • Miko Matsumura – Co-Founder, Evercoin
  • Ido Sadeh Man – Founder & Foundation Council President, Saga Foundation
  • Lili Zhao – Director of Ecosystem Growth, NEO Global Development
  • Nimrod Lehavi – CEO, Simplex

The panelists debated the definition and ramifications of Stablecoins, touching on several key points. Ido Sadeh Man offered the bluntest assessment of the current landscape surrounding these constructs.

The conversation eventually pivoted to Libra, which was one of struck a particular chord with some panelists. “Stablecoins are not currencies nor does it have a monetary essence and this is by design – they are just renouncing all other functions in favor of stability,” he noted.

According to Mr. Man, “Libra is not a Stablecoin, though Facebook would benefit a lot from us thinking it was a Stablecoin however. From a monetary perspective Libra makes sense, however, I am afraid we may see that the current governance mechanism of Libra may lead to unification not fragmentation.”

Ultimately, “Libra will not coincide with the nation state as we know it,” he portended.

In addition, Miko Matsumura offered a very pointed assessment of Libra, underscoring the uneven relationship between it and central authorities. According to Mr. Matsumura, “The US government can simply arrest the head of Libra or point guns at them but not vice versa.”

Such is the reality at the present, with the future of Libra being anyone’s guess.

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