Too Long; Didn't Read
The public hearings and the huge interest around Libra are highlighting a number of issues that any digital currency will face in the real world if it has to hold up to mass adoption. From a regulatory perspective, the sponsor/ operator of a currency could possibly fall in three buckets — banking regulation, securities regulation, or payment systems regulation. The most appropriate regulation for digital currencies could be for currency operators/sponsors to be regulated as payment institutions/e-money operators which means they would be able to issue e-money/digital tokens against deposits that they keep as deposits.