Creative Destruction Lab
The Interview

Facebook’s only Canadian Libra partner talks global regulation concerns, plans to shape the cryptocurrency

The only Canadian organization Facebook has signed up for its Libra digital currency expects domestic policymakers to follow the lead of the U.S. and the U.K. in regulating the token. 

“We don’t see any reason why Canada would be meaningfully different than the much bigger markets,” said Sonia Sennik, executive director of the Creative Destruction Lab (CDL), a Toronto-headquartered startup incubator.

Facebook claims its users and those of its subsidiaries Instagram and WhatsApp will be able to use Libra to transfer money more cheaply, particularly internationally. The tech giant also plans to offer financial services like loans based on the token.

In her first interview since Facebook announced the coin—and the Libra Association, a Geneva-based non-profit to govern it, of which CDL is a partner—on June 18, Sennik discussed why startups in her incubator might choose to use the token’s technology, what kind of regulation she’s expecting it to face and how her organization will be involved in Libra’s development.

    Join now to start reading premium, award-winning journalism.

    By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. You can withdraw your consent at anytime. Please refer to our privacy policy or contact us for more details.
    Already a subscriber?

    In-depth, agenda-setting reporting

    Great journalism delivered straight to your inbox.

    Briefing

    Wealthsimple launches ETF to track green bonds

    Zymeworks shares fall as new CEO to lay off one-quarter of staff

    Liberals should be ‘very careful’ about increasing home buyers’ purchasing power: CMHC head

    Best business newsletter in Canada

    Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.

    Exclusive events

    See the bigger picture with reporters and industry experts in subscriber-exclusive events.

    Membership in The Logic Council

    Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.

    Canada's most influential executives and policymakers are reading The Logic

    • CPP Investments
    • Sun Life Financial
    • C100
    • Amazon
    • Telus
    • Mastercard
    • bdc
    • Shopify
    • Rogers
    • RBC
    • General Motors
    • MaRS
    • Government of Canada
    • Uber
    • Loblaw Companies Limited