Total 9 Posts

The problem with Libra is Facebook

Governments have long been suspicious of private currencies for good reasons, and Libra is no exception. We must not be distracted by its proposed technical complexity, and instead, focus on how this technology is organised, put to work, and how its rewards are distributed.

European Central Bank worried about Libra

The European Central Bank is worried that Facebook's Libra could offer an alternative financial system to existing ones and as a result, sabotage their monetary policy. They say it is a wake-up call for regulators.

Facebook’s main game is Calibra, not Libra

Calibra has little to do with the ideals behind blockchain. The digital wallet is more like a traditional bank account. Facebook wants to be not only the world’s biggest social media platform but also the globe’s go-to marketplace.

Facebook asked to stop Libra implementation

The United States House of Representatives Committee on Financial Services has written a letter to Mark Zuckerberg and Sheryl Sandberg requesting they halt development of Libra.

Libra will not help the unbanked

Facebook either has a huge amount of work to do to adapt its new digital currency, Libra, to fit the problem it is trying to address better. Alternatively, it needs to redefine the problem that it is trying to fix.

Libra is targeted at developing countries

Many people in the western world have come out in criticism of Facebook's newly launched digital currency, Libra. However, they need to realize it is not targeted at them, but for people in developing countries.

Concerns with Facebook’s Libra

In the absence of a single global regulatory regime, however, Facebook's Libra will require a strong degree of regulatory coordination around the world. This could be the start of a major shift.