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Facebook’s Libra Coin Is About To Change The Way We Do Business
However, as our article explained, users of Libra 1. Libra 1. In our last article on Tax Problems with Libra 1. This would have meant that a consumer or business would make a capital gain or loss every time they transacted using Libra. Any gains would likely have been taxable, creating a potential cash tax cost at the worst, and compliance headaches at the least.
We also expected that the Libra Association would be required to report on its users' activities, meaning that tax authorities would ultimately have oversight of any capital gains made.
In our last article, we suggested a range of potential solutions which could help to solve the tax issues which arose on the Libra 1. One of our suggestions, headed "a more fundamental solution", was that Libra might instead operate in a way which reflects a single fiat currency rather than as a free-standing multi-currency coin:.
And so on. When spending in a different currency FX conversions are made instantaneously at the point of transacting. The tax complexities melt away; but so does the uniqueness of the proposition — and this would amount to a significant reversal from what has been announced. Last week, the Libra Association published version 2.
It is, in many respects, less ambitious, while in other respects more ambitious, than the Libra 1. At its heart is a move away from a multi-currency coin model and a move towards a series of coins ultimately backed by, and reflecting, specific fiat currencies.
While Libra 1. As the White Paper describes it:. This will allow people and businesses in the regions whose local currencies have single-currency stablecoins on the Libra network to directly access a stablecoin in their currency.
If the value of e. However, if there is to be no such exchange mechanism, then the experience of other stablecoins is that their value has not tended to accurately track the value of their underlying reference asset— e. If the value of a LibraGBP fluctuates in GBP terms, then the potential for taxable capital gains and losses to be made would remain a significant obstacle to its widespread adoption.
It might be said that if a LibraGBP remains worth roughly - if not exactly — 1 GBP, then any capital gains would likely be fairly small for most consumers, meaning that the aggregate of any annual gains would typically fall within a user's annual allowance for capital gains. Consumers and businesses transacting in non-native LBR stablecoins e. UK consumers transacting in LibraUSD or LibraSGD would also be subject to capital gains rules on their transactions, although this is perhaps less objectionable as that tax treatment would likely be very similar to that which would have resulted if those users had transacted in USD or SGD directly save that any "foreign currency"-related exemptions would be unlikely to apply to transactions in Libra stablecoins.
Moreover, the proposal for a multi-currency-backed stablecoin — and the tax problems we previously identified with such a coin - have not disappeared entirely. The White Paper still envisages a multi-currency coin, albeit one in a different form:. The tax problems with this proposal identified in our last article and our client briefing on Libra 1. It might be expected that most consumers and businesses would prefer the relative stability of transacting in their native Libra stablecoin, and so the multi-currency coin is unlikely to be used to transact often in practice.
But that still does not solve the problems for users who do decide to transact in multi-currency LBR; nor does it solve the problems for users in countries without a native LBR stablecoin who, if they use Libra, will be forced to use either the multi-currency coin or a non-native Libra stablecoin — either of which could result in capital gains liabilities.
While the Libra 2. It is disappointing that version 2. Libra 2. In July we considered the original proposal by Facebook and others to create a new cryptocurrency Libra 1. The Libra 1. The Tax Problems at the heart of Libra 1. One of our suggestions, headed "a more fundamental solution", was that Libra might instead operate in a way which reflects a single fiat currency rather than as a free-standing multi-currency coin: " Libra could change so that, instead of being a new currency, it is essentially an e-wallet system.
Libra Stablecoins While Libra 1. Libra Multi-currency Coin Moreover, the proposal for a multi-currency-backed stablecoin — and the tax problems we previously identified with such a coin - have not disappeared entirely.
Tax Issues Remain While the Libra 2. Client Portal Manage account and preferences Bookmarks Log-out.
Publications
June 18, in Blockchain. Social media giant Facebook announced details of its cryptocurrency, Libra, allowing users to make purchases or transfer funds to other users at little to no cost. Pseudonyms will be used to buy or cash Libra online or at local exchange points like grocery stores. Facebook released its white paper explaining Libra and its plan for testing the blockchain system prior to public launch next year.
Industry Content
This article belongs to the Glossary of decentralised technosocial systems , a special section of Internet Policy Review. A cryptocurrency system can be understood as a system intended for the issuance of tokens which are intended to be used as a general or limited-purpose medium-of-exchange, and which are accounted for using an often collectively-maintained digital ledger making use of cryptography to replace trust in institutions to varying extents. Against such a backdrop, the singular term cryptocurrency can mean a token, intended to be used as a general or limited-purpose medium-of-exchange, issued via a cryptocurrency system. The term cryptocurrency entered public usage with the surge of Bitcoin in —a protocol aimed at enabling a network of people connected together via peer-to-peer digital communications infrastructure to issue digital tokens and transfer them between themselves whilst securing the process through cryptography Nakamoto, While the original proposition did not use the term cryptocurrency , Nakamoto presented the project as a peer-to-peer 'currency' in a network and cryptography mailing list Nakamoto, The term 'cryptocurrency', however, soon gained traction in online-chatter compare HXN and print media e. The remainder of this section attempts to explain how this protocol, and immediate descendants, might have shaped the term cryptocurrency. The exact protocol specifications of Bitcoin and its descendants are summarised in Scheuermann and Tschorsch Cryptography enters its architecture in various ways.
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The social media major seeks to enter the 2-trillion-dollar global payments market, but several central banks have raised regulatory and oversight concerns over this plan. Report bugs here. Please share your general feedback. You can join in the discussion by joining the community or logging in here. You can also find out more about Emerald Engage.
Making sense of Facebook's cryptocurrency move
To me, the timing seems poor. Over the last year or so, Facebook has suffered one public relations black eye after another regarding its privacy policies, it compliance with an order of the Federal Trade Commission, its role in disseminating conspiracy theories and election interference, and its dominance in the social media industry. A Facebook cryptocurrency will, by definition, give Facebook even more private information and even more financial power. I believe in making capital available to entrepreneurs everywhere, no matter where you grew up, no matter who your parents are, and in making great investments available to ordinary Americans, helping to narrow the wealth and income gaps that do so much harm to our society. Frankly, Facebook and Libra feel like a step in the opposite direction, toward a world where knowledge and wealth and power are more concentrated and ordinary Americans are so many data points to be monetized. Let me know.
What to expect from Facebook’s Libra Cryptocurrency?
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Facebook’s Cryptocurrency [Libra Explained]
On 18 June , a video appeared on Facebook. Over images of people plying their trades and counting banknotes, a soothing voice announced the launch of an organisation whose aspiration was to create a global digital currency called Libra. About one year before the Libra announcement, Facebook had been publishing smarmy videos and buying full-page ads in newspapers, begging for forgiveness; its CEO, Mark Zuckerberg, had apologised before the US Senate. After such a hellish year, one would have expected Facebook to keep a low profile, listen to governments, and steer clear of regulatory morass.
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The world changed, and so did our plans to bring Chainalysis Links, the blockchain analysis conference, to more cities across the world this year. Join us for a series of Links sessions featuring public and private sector leaders discussing key themes and issues facing the industry, including cryptocurrency as an asset class in times of uncertainty, regulatory arbitrage, regional opportunities and challenges, and predictions for the future. Below, you can find a link to sign up for each of these sessions. Please feel free to share with colleagues and contacts.
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