The white paper presentation on Facebook’s Libra cryptography project for a global digital crypto-currency has not only caused a stir in the world of crypto. For example, if Binance crypto-exchange is favorable to the planned cryptocurrency and even plans to participate as a hub, he welcomes the criticisms and warnings addressed to Facebook, particularly by politicians and regulators. Many people will use Facebook’s Libra Coin. Confidentiality is close to zero and the subject of surveillance or data protection is highly debatable.
But I think Libra is very beneficial to the ecosystem – although I think neither me nor the other people in the cryptography area will use Libra. Libra does not come directly from Facebook, but from the Libra Association, and Facebook holds only 1% of the voting rights. Of course, the Facebook Balance could do more harm than good. I do not believe it personally.
They already have power and the project could be very interesting. This, of course, can become a globalization of the financial system. Libra will put pressure on the US dollar, the euro and all unstable currencies. This would provide new opportunities for billions of people currently financially oppressed.
As digital currency, perhaps, but not as cryptocurrency in the sense that we see crypto-currencies.
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