Banking Charter necessity? (Operating Structure)

He outright names Facebook as a bank, but with policy control residing primarily with the Libra Counsel oversight does Facebook themselves actually need a charter?
Additionally given Libra is (assumed) to be able to be used anywhere Facebook is accessible, does this imply a charter is needed for every nation on this Earth?!

I believe Libra association will be very close to regulation side as they will be “minting” money. Future designated custodians, which are planned to be geographically distributed, will need something closer to bank charter. They will be holding reserves.

As far as Facebook, they might not need any licences. Calibra, a Facebook subsidiary, will need what PayPal has right now. They will be the wallet company. PayPal has XOOM, which facilitates money transfer. Calibra will just do with Libra what PayPal does with international currencies including US $.

I don’t know if it’s deliberate, either from Facebook or opposite critics including some media and politicians, but I don’t understand why and how it’s called Facebook’s currency. It will be (and is) managed by Libra association. Facebook is just one member of the planned 100 members. It will be an equal stakeholder to others.


Policy makers (US) and the general population just don’t have an understanding of this system and how it works. Therefore, they deem it Facebook’s currency since they’re the first behind the open sourced project.

Many believe that LibraCoin could impact monetary policy in the US. It could have a minor impact, but depending on exactly how the Libra Reserve functions the fact LibraCoin is backed by USD (among other currencies) implies that without more USD or equivalent in circulation more LibraCoin could not be minted. So in theory the impact on the power of US monetary policy makers should be pretty negligible. Again, that’s all to be determined by how exactly the Libra Reserve decides to function now and in the future (which is not my area of expertise since i’m on the tech side of things)