Libra’s Natural Monopoly Has the Business World on Edge, Rep. Foster Says

The transcript discusses the challenges and policy questions surrounding cryptocurrencies like Libra, focusing on anonymity and transaction reversals. It highlights congressional efforts in authentication and digital identity, as well as global trends in digital fiat currencies, particularly China's advancements. The Dashboard Bill is introduced, aiming to enhance data privacy and transparency for consumers. The discussion also touches on Facebook's role in these developments and the need for regulation, with an emphasis on cooperation between tech companies and lawmakers.

What are the two main policy questions regarding cryptocurrencies like Libra?

• Security and user interface

• Transaction speed and cost

• Anonymity and transaction reversibility

• Anonymity and transaction speed

Why is China significant in the context of digital fiat currencies?

• They are leading in the development of digital fiat currencies

• They have banned all cryptocurrencies

• They have partnered with Facebook on Libra

• They have the largest number of cryptocurrency users

What is a potential advantage of digital fiat currencies?

• Increased anonymity

• Limited global reach

• Low-friction electronic transactions for the underbanked

• Higher transaction fees

What concern does the natural monopoly of Libra raise?

• It could lead to increased competition

• It might affect monetary policy

• It might increase transaction costs

• It could reduce the number of Facebook users

What is the primary goal of the Dashboard Bill?

• To ban digital advertising

• To provide transparency and control over personal data usage

• To increase taxes on digital transactions

• To promote cryptocurrency mining

What is one of the challenges consumers face with data usage agreements?

• They are not legally binding

• They are only available in digital format

• They are too short and simple

• They are often ignored due to their complexity

How has Facebook been involved with regulators regarding Libra?

• They have withdrawn the Libra proposal

• They have completed all regulatory requirements

• They have been actively engaging in discussions

• They have refused to cooperate