Stable-Coins Series: Latest heads-up on Libra coin

There have been some predominant factors in order to precisely assessLibra in comparison with the fiat money or other crypto pairs, and banking. It could even be the pros or cons, constructive or destructive. The destructive factor is that the Libra data structure is a database, not a blockchain, and the Libra consortium is a hedge fund, not a network of nodes.

The constructive point is that Libra is likely to be accustomed to billions of users to digital bearer assets, and maybe a force for great social good in the short run. The ugly is that it will be a force for great social evil in the long run.

The common consensus among Bitcoin enthusiasts and other cryptocurrency investors seem to be that Facebook’s Libra Coin will stimulate mass adoption.

The team from the Libra blockchain project will publicly address questions from US lawmakers on Tuesday and Wednesday. The hearings follow a statement from top US senators demanding that the Libra consortium delay its attempt to roll out the cryptocurrency by the second half of 2020 as intended.

Gurbacs discussed with the Fox Business host Liz Claman at Senate Banking Committee hearing on Facebook’s Libra “cryptocurrency.” He tweeted by stating that Libra is not ETF but a stablecoin pegged to the basket of fiat currencies.

Finally, as per President Trump’s tweet that Facebook Libra’s virtual currency will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks.

By Niranjan Patil
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