Stable-Coin Series: A Key Take-Aways of Libra Coin

Facebook, the social media giant, officially launched its much-anticipated cryptocurrency today with the launch of its official website and whitepaper. 

Ever since the announcement, there has been a mixed bag of reactions, first and foremost, the US Government has looked into the launch of the Whitepaper on Facebook’s cryptocurrency. Reportedly, a U.S. Senate-House lawmaker has claimed for terminating the recent developments on Libra until a company executive testifies before the Congress.

Maxine Waters, the chairperson of the House Financial Services Committee has passed the order,

“Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data,” she said in a statement. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users.”

It seems that Libra has caused many banks across the globe to assess the prospects of releasing their own cryptocurrencies. Perhaps, the apprehensions that the power Facebook could have and they want to have some sort of leverage granted Libra turns out to be the “next big thing” in finance. As ripple being a background blockchain in various banking operations, the banking firms intend to design and develop their own networks to improvise banking services. Ripple’s CTO, Mr.David Schwartz is propounding the latest projection at the origins and strategy behind the company’s XRP-based payment solution xRapid.

But they have to play a role of the strong counterpart of Facebook, amid the prevailing cryptocurrency and blockchain craze and reckon it can work wonderfully for the entire world.

The official whitepaper of Libra, which was highly speculated cryptocurrency of Facebook, has been released on libra.org, with additional partners.

The cryptocurrency would be developed on the Libra blockchain, as per the sources. It is reportedly a stable, scalable open source and the testnet is available on GitHub.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -167 levels (which is highly bearish), while hourly USD spot index was at 76 (highly bullish) while articulating (at 13:21 GMT). 

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