By Sheila Bair (Original source Yahoo Finance)
“With its recent proposal to create a new global cryptocurrency called “Libra,” Facebook (FB) saw a market opportunity to provide a faster way to process payments.
Anyone who has ever waited for a check to clear knows that process can take days. While the need for faster payments is real, Facebook’s ambition met with a firestorm of resistance primarily because few trust it to be a responsible steward of such an important financial function.
But are big banks any more trustworthy? They have also been trying to build a new, faster payments system to dominate the way we move money among one another. Amid growing concern from smaller banks and financial technology companies over how they might wield such power, the Federal Reserve has rightly decided to step in with its own system.
The Fed steps in where the private sector failed to deliver”
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