In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
The organization that will administer Libra, the Libra Association, looks like a central bank
To explain, a central bank issues currency, backs currency with a reserve, and regulates and administers the ecosystem that distributes the currency. Beyond that a central bank acts a a bank for other banks. I think the Libra Association looks like a Central Bank for global electronic payments systems like Visa and PayPal.
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In fact, Bancor (BNT) claims its new Unified Wallet can manage over 500 ERC20 and EOS tokens across over 9,700 pairs in a single click. Moreover, Bancor’s Medium claims you can perform conversions on any mobile or desktop device with the Unified Wallet.
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PEG will be disruptive because it will allow large numbers of people to become cryptocurrency lenders, factors, and bankers by minting their own tokens. For instance, a factor who buys invoices from businesses could sell that debt by minting it into PEG or ERC tokens.
Hence, PEG will let anybody mine cryptocurrency, back it with fiat currency, and borrow money against it. Thus, a good way to think of PEG is as a “bank in a box” or a “bank in an app.” Instead, of going to a bank you will create a bank using app on your phone.
Moreover, it could be possible to use PEG and PEGUSD to link ERC directly to stablecoins via Bancor’s Liquidity Network. Thus, Ethereum platforms could convert ERC20, ERC223 and ERC771 Tokens into fiat currency in a few seconds or minutes.