Economist Joseph Stiglitz: Only a Fool Would Trust Facebook’s Libra

Nobel laureate in economics Joseph Eugene Stiglitz claimed that “every currency is based on trust, but only a fool would trust Facebook’s Libra.” Nobel prize-winning economist, Joseph Eugene Stiglitz, claims that “every currency is based on trust, but only a fool would trust Facebook’s Libra” in an article published on July 2.Stiglitz also notes that “in just a few short years, Facebook has earned a level of distrust that took the banking sector much longer to achieve.” He appears to fear that Facebook’s cryptocurrency could be hospitable to a shadow economy:“The last thing we need is a new vehicle for nurturing illicit activities and laundering the proceeds, which another cryptocurrency will almost certainly turn out to be.”Still, the economist also acknowledges that the current financial system has a problem, which is the lack of competition in payments.…

FT: Facebook Hires Standard Chartered Bank’s Head of Public Affairs for Crypto Project

Facebook hired Standard Chartered Bank’s head of public affairs Ed Bowles for its cryptocurrency project, dubbed “Libra.” Facebook has reportedly hired Standard Chartered Bank’s head of public affairs Ed Bowles for its cryptocurrency project, the Financial Times reports on June 14.Per the report, Facebook hired the senior bank lobbyist in anticipation of the greater regulatory scrutiny in Europe over its plans to launch its own crypto asset and other financial services to its 2.4 billion users.…