Commentary: If you had to pick – Facebook’s Libra or another country’s cryptocurrency?

NEW YORK CITY: Facebook CEO Mark Zuckerberg was at least half right when he recently told the United States Congress that there is no US monopoly on regulation of next-generation payments technology.

You may not like Facebook’s proposed Libra (pseudo) cryptocurrency, Zuckerberg implied, but a Chinese digital currency with global ambitions is perhaps just a few months away, and you will probably like that even less.

CHINESE DOMINANCE IN DIGITAL CURRENCY?

Perhaps Zuckerberg went too far when he suggested that the imminent rise of a Chinese digital currency could undermine overall dollar dominance of global trade and finance – at least the large part that is legal, taxed, and regulated.

In fact, US regulators have vast power not only over domestic entities but also over any financial firms that need access to dollar markets, as Europe recently learned to its dismay when the US forced European banks to comply with severe…