France and Germany Agree to Block Facebook's Libra (reuters.com)

Article summary

France and Germany have agreed to block Facebook's Libra. The discussion around this topic reveals that many countries have already implemented fast and low-cost payment systems, making Libra less necessary. The EU has SEPA Instant Credit Transfer, while other countries have their own systems, such as India's UPI and Brazil's TED. These systems often offer instant bank-to-bank transfers with little to no fees.

Main themes

• Libra
• Payment Systems
• International Finance
• Regulation
• Digital Currency

What commenters say

• Many countries have already developed fast and low-cost payment systems, reducing the need for Libra.
• The EU's SEPA Instant Credit Transfer and other international payment systems are not yet universally adopted or understood.
• Some argue that existing payment systems, such as PayPal and credit cards, have significant drawbacks, including fees and limited accessibility.
• Others believe that new payment systems, like Libra, are unnecessary and may even be detrimental due to their potential for centralization and lack of privacy.
• The US has fallen behind other countries in terms of payment system development, with some arguing that this is due to the influence of credit card companies and banks.
• Instant payment systems are becoming increasingly prevalent worldwide, with many countries offering free or low-cost transfers.
• The development of digital currencies and payment systems raises important questions about regulation, privacy, and financial inclusion.