do you think the cryptocurrency system will spark great concern in the world today?
What about politicians, business leaders, and the top one-percenters of the world? What do they think? Is Libra a cause for celebration, or will serious concern arise in the upcoming months?
Libra is set to launch next year, in 2020, and not a lot of people know exactly what to expect. There are, however, a few pieces of information roaming around the internet and the mouths of those that are worried for the system to launch.
According to many news outlets, Facebook’s Libra will allow its users to send money, purchase, products, and make donations – with all systems being regulated internationally. Basically, any person that owns a smartphone will be able to send out money with the click of a button; it’ll be as easy as sending a text message to a friend or family member. Low costs will be implemented, and you’ll be able to use Facebook’s Libra through Messenger, WhatsApp, or the new application that’s dedicated to Libra, said to launch in the upcoming months.
So far, the other information that we have noted is as follows:
– Libra will be governed by a non-profit organization known as Calibra – the foundation is based out of Switzerland
– A total of 27 additional organizations are partnering up with Libra in this effort, including Uber, Mastercard, Spotify, and Visa
– Every partner involved has dedicated at least $10 million to the project
Leaders in the organization are currently trying to convince potential users that Libra is more like PayPal, opposed to Bitcoin – but that’s not winning over the lawmakers. In fact, many skeptical men and women are questioning why not a single partner involved in the project is a bank – worry gets hot and heavier, knowing this like fact.
Either way, we find ourselves asking the question again: Facebook’s Libra: Cause for celebration or severe concern?
According to the Federal Reserve’s Chairman, Jerome Powell, we should all be looking for a way out of the situation at hand. What’s to be in question with this new cryptocurrency system? To start, privacy – but to continue, we should consider the possibility of money laundering, the unfortunate circumstances potentially related with consumer protection, and the scary feeling of not knowing whether we have full financial stability using the system.
Yes, it’s true, Libra could become a universally accepted form of payment, BUT, we need to remember that cryptocurrency is still a highly unregulated system that we may or may not regret using.
For now, we should be patient and careful while conversations and negotiations are still in the area regarding Libra. This may or may not be the world’s next largest payment system, but if it is, then we need to have it appropriately evaluated in due time. The United States and European politicians are already worried enough as it is with Facebook’s current security problems – there’s no reason to get the world’s population in a frenzy just yet.
All we have to say is, prepare for a new era of payment in 2020.