France and Germany Agree to Block Facebook's Libra

Re:France and Germany Agree to Block Facebook's Libra by speps on Saturday September 14, 2019 @10:44AM (#20971092)

Your German example is a bit silly to use here given that its exchange rate is 1:1 with euros. There are other regional currencies in other countries, they don't usually operate independently from the country's own currency though.

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Re:France and Germany Agree to Block Facebook's Libra by joes_hk on Saturday September 14, 2019 @11:05AM (#20971233)

Also on the "money" you can read "Vereinsinterner Regio-Gutschein" which means that in a legal sense this is a voucher not a currency.

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Re:France and Germany Agree to Block Facebook's Libra by detaro on Saturday September 14, 2019 @11:37AM (#20971471)

Presumably, Facebook calling Libra "the Libra voucher system" wouldn't quite fix it though.

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Re:France and Germany Agree to Block Facebook's Libra by lima on Saturday September 14, 2019 @12:31PM (#20971855)

Yes - you have to be a member of the Chiemgauer e.V. association in order to use or accept the vouchers, which is why it's called "vereinsintern", i.e. "internal to the association". It's not a general-purpose currency.

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Re:France and Germany Agree to Block Facebook's Libra by Dylan16807 on Saturday September 14, 2019 @01:08PM (#20972190)

Have to? What happens if a random business accepts them for payment, and uses them for purchases at other accepting businesses?

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Re:France and Germany Agree to Block Facebook's Libra by majewsky on Saturday September 14, 2019 @03:07PM (#20972994)

IANAL, but the association giving out the vouchers would probably sue for fraud, since the merchant acts like a member of the association even though they are not.

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Re:France and Germany Agree to Block Facebook's Libra by Dylan16807 on Sunday September 15, 2019 @06:03AM (#20976437)

That is a very very strange thing to consider fraud! Imagine applying the same logic to someone that will trade their wares for baseball cards.

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Re:France and Germany Agree to Block Facebook's Libra by aazaa on Saturday September 14, 2019 @10:47AM (#20971116)

How so?

The Libra proposal kept its value constant with respect to a basket of currencies.

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Re:France and Germany Agree to Block Facebook's Libra by pjc50 on Saturday September 14, 2019 @10:54AM (#20971163)

Not quite the same kind of inflation hedge as "free floating" limited-issue cryptocurrencies then?

(This is one of the things that confuses me about Libra's target market; if you believe the cryptocurrency marketing about privacy and permissionlessness and inflation-hedging, then Libra is terrible at those things. If you don't, and you're in Europe, you just use SEPA.)

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Re:France and Germany Agree to Block Facebook's Libra by raverbashing on Saturday September 14, 2019 @11:18AM (#20971309)

You can only keep the value of something "constant" (or pegged to something) if it's not non-freely negotiable and you can tightly control it.

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Re:France and Germany Agree to Block Facebook's Libra by kazen44 on Saturday September 14, 2019 @10:50AM (#20971136)

because the german example is tied to the currency used by germany (and the eurozone as a whole).

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