Columbia Law School's Katharina Pistor on Facebook's Libra

The transcript discusses Facebook's approach to creating a global digital currency, highlighting concerns about private currencies increasing risks. It explores arguments for and against private currencies, emphasizing the need for updated payment systems. The discussion includes who should govern these systems, whether they should be public goods, and Facebook's significant role in the Libra Association. The potential for scalability through Facebook's platform and the legal challenges faced are also examined.

What is the primary concern regarding Facebook's approach to a global currency?

• It is not profitable enough.

• It might increase risk rather than mitigate it.

• It is already safeguarded well.

• It is too inclusive.

Why is there a push for updating the current payment system in the United States?

• To make it more exclusive.

• To increase transaction costs.

• To make it more inclusive and efficient.

• To reduce the number of users.

Who is suggested to govern the new payment systems?

• Private companies only.

• Central banks or other public agents.

• Individual users.

• International corporations.

What is Facebook's unique advantage in the Libra Association?

• It has the most capital.

• It owns the entire association.

• It faces no legal challenges.

• It can scale up quickly with its large user base.

Who is primarily handling the legal challenges for the Libra Association?

• The Libra Association itself.

• The US Central Bank.

• A group of small companies.

• Facebook.