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Facebook's New Cryptocurrency Prompts Regulation Concerns

Citations

Marketplace cites CEI's Research Fellow Patrick Hedger on Facebook's new cryptocurrency.

Patrick Hedger, a research fellow with the Competitive Enterprise Institute, said the Libra launch is exciting and that there’s a risk that too much regulation could stifle the currency.

“If we shift to a system where we’re too scared of the potential downsides of a product like this, we won’t ever see the vibrant thriving marketplace that we need to actually get the upside of products like this,” Hedger said.

Hedger acknowledged the privacy concerns and said the onus is on Facebook to build trust with consumers. He said consumers should then sort out whether they want to sign up for the service themselves.

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