Cryptocurrency is gaining acceptance worldwide, but many governments have recently voiced opposition to Facebook's Libra currency. Why have governments taken such a hostile stance on Libra but allowed other cryptos to grow without much intervention? Are governments opposing Libra to protect their citizens from the privacy scandals associated with Facebook, or do they have some alternative reason for opposing Libra? In this video, I suggest that governments derive an inherent advantage from their monopoly power to issue currency and that they are afraid Libra has the potential to erode this monopoly in a way that no previous crypto has been able to do.
