Plans for Facebook’s proposed “stablecoin,” Libra, appear to be unraveling with the withdrawal of PayPal, Visa, Mastercard, Stripe, eBay, and Mercado Pago as potential sponsors. This is hardly surprising, given growing awareness of Libra’s potential adverse consequences. If it offers anonymity to its users, Libra will become a platform for tax evasion, money laundering, and terrorist finance. … Continue reading »
currency
Whither China’s currency?
While the floors of the Shanghai and Shenzhen stock exchanges were awash in red ink, much of the black stuff was being splashed on financial pages to divine the fate of China’s currency, the Renminbi (RMB). Outsiders might care about the currency because of international competitiveness. China cares about it as a matter of international status, aspiring for … Continue reading »