This article comes from the WeChat public account: Geek Park (ID: geekpark) , author: Shen know Han

Facebook and Libra have compromised.

On April 16, the cryptocurrency Libra white paper 2.0 was released. The change from 1.0 is mainly reflected in the following four aspects :

  • In addition to anchoring a basket of fiat currencies, provide stable coins linked to a single fiat currency;

  • Enhance the security of the Libra payment system through a robust compliance framework

  • While maintaining its key economic attributes, abandon the future transition to an unlicensed system (public chain) < / li>

  • Build strong protective measures for Libra ’s currency reserves

    These adjustments are considered to be concessions after Libra ’s regulation has been blocked.

    In Libra 1.0, Facebook painted a beautiful picture of Inclusive Finance . Libra hopes to create a decentralized global payment system that provides transfer and payment functions for individuals in developing countries who do not have bank accounts. The 2.7 billion users covered by Facebook’s products provide a strong user base and a different positioning from speculative products such as Bitcoin, which makes Libra the potential to become a financial infrastructure. At the same time, Libra has established a set of supervision mechanism for itself, Libra Association (official operating agency) is composed of many different organizations, which makes the whole system more fair.

    Compared with the technological innovations made by Libra in the financial field, the regulatory level considers how to eliminate Zuckerberg ’s and Facebook ’s “borderless currency” ambitions . Libra is regarded as “challenging the existence of the existing financial order”, and there are remarks that “Libra will compete with sovereign currencies and impact the status of sovereign currencies, especially in areas with backward financial infrastructure.” How to protect consumer privacy and how to prevent financial crimes such as money laundering?

    Facebook CEO Mark Zuckerberg defended at the hearing of the Financial Services Committee of the House of Representatives ｜ Reuters >

    These concerns have caused panic among global regulators. The heads of the Libra project, David Marcus and Zuckerberg, have “a hundred words” and can only promise that Facebook will not issue Libra digital currency until the regulatory issues are fully resolved and appropriate approval is obtained. According to Zheng Jialiang, research director of HashKey Capital, Libra is essentially not a technical product, but an economic structure, and now it is constantly making trade-offs to adapt to multilateral supervision .

    However, although Libra 2.0 supports a single fiat currency, it has not given up the idea of ​​a stable currency that anchors a basket of fiat currencies. For a financial infrastructure that aims to serve billions of people around the world, Facebook’s “initial intention” has not changed.

    “Compromise” in exchange for “Compliance”