Facebook’s ‘Scaled Back’ Libra Proposal Is More Dangerous Than You Think

The East is using the same playbook, just with more purpose and efficiency. Unlike the girations of animal spirits in American and European stock markets, blockchain rails are being laid by China. Innovation, digital transformation, and national growth are core priorities for the Communist Party. Hundreds of billions of dollars are directed towards R&D and experimental technology, the type of technology American regulators see as a systemic threat to sovereign systems. Further, that technology is exported to the smaller Asian economies and given as infrastructure to EMEA. China has just launched the BSN Alliance, a supergroup to rival Libra. Members include government powerhouses like the State Information Center, as well as fintechs like Ant Financial, Tencent, and Ping An, which have blockchains that will eventually plug into this group. For example, Ant runs “Open Chain” (irony of ironies!), which was just released to SMEs and developers. Some public chains, like Ethereum and EOS, will also be accessible through intermediation.