back to article Singapore’s mega-investment firm Temasek joins Facebook’s Libra cryptocurrency effort

Singapore’s state-owned investment firm Temasek holdings has joined the Facebook-led Libra not-a-cryptocurrency project. Temasek is Singapore’s sovereign wealth fund and has over $330bn under management. The company invests in plenty of tech outfits, listing Alibaba, Tencent and Dell Technologies in its portfolio (having …

  1. Sorry that handle is already taken. Silver badge

    Libra

    From David Gerard (https://davidgerard.co.uk/blockchain/2020/04/16/facebooks-libra-national-currency-tokens-a-new-white-paper-what-this-means/):

    Facebook is slowly being dragged, kicking and screaming, to running Libra like an ordinary, compliant payments processor — PayPal, but it’s Facebook — or Libra won’t be allowed to exist.

    The only interesting things the blockchain parts could do is work around regulations — and there’s no way regulators will let Libra do anything like that.

    Libra was founded on Bitcoin dreams — but none of those aspirations will ever happen, because they contradict everything about how finance works in the real world.

    If you’ve looked over previous versions of the white paper, you’ll want to read this one afresh, closely.

    Just focus on the bits about regulation. Ignore the wild crypto aspirations — because none of those are going to be allowed to happen.

    Crypto dreams are tolerated when they’re put forward by weird small-time nutters — but not when they’re coming from a huge company with a continent-sized user base.

  2. Mike 137 Silver badge

    "[...] like an ordinary, compliant payments processor — PayPal [...]"

    I'd hardly call PayPal "compliant" - but of course that depends on compliant with what? For example, regulated banks tend not to suddenly freeze your account without warning and then fall silent on you.

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