Statement of Robert Weissman, President, Public Citizen
Facebook’s Libra was a bad idea that never should have escaped from the drawing board. With Facebook’s partners jumping ship, this idea is on the verge of dying a quick death. If so, it’ll be none too soon.
Facebook’s Libra threatens to facilitate massive consumer rip-offs, privatize currency and undermine countries’ ability to pursue monetary policy, impose needless risks to global financial stability, enable criminal money laundering and entrench Facebook as an unparalleled global monopolist. As the public, regulators and Facebook’s own collaborators absorb what the tech giant is proposing, it becomes more and more clear how outlandish Libra is.