Zorax Talks: Libra Coin by Facebook
Hello, our community!
Today we continue our rubric — Zorax Talks.
We would like to discuss with you about the hottest topic from last week — Libra.
What is Libra?
Libra (GlobalCoin, Facebook Coin) it is a cryptocurrency created by Facebook. To which a little later joined giants like Visa, PayPal, Uber, Booking.com. It is assumed that the Libra rate will be fixed and determined based on a basket consisting, of the dollar, euro, yen, and pound sterling. Libra Networks in Geneva will be responsible for securing the new cryptocurrency.
The world first heard about it in the spring of 2018, when Marc Zuckerberg, the founder of Facebook, announced the creation of a unit dedicated to blockchain. He invited David Marcus (the former president of PayPal and the former head of Facebook Messenger) as a manager and about fifty people to work on the project.
The main target of Libra Coin
The main goal of the Libra project is to create “stability” in the cryptocurrency market, presumably, Libra Coin will be a stable coin. Company resources allow it to maintain the level of currency at the same level.
Accordingly, for speculators, the new cryptocurrency should not be of great interest, but for whole crypto-community, this is a huge step. Also, the main advantage of Facebook is that the platform can potentially count on the involvement of millions of users using WhatsApp messengers (1.5 billion users), Messenger (1.3 billion) and Instagram (1 billion)
The founder of Facebook emphasizes the importance of payment via instant messengers such as Instagram, Facebook, and WhatsApp.
Hyip or?
Of course, the launch of cryptocurrency from such a giant as Facebook could not leave other market players without attention. Even the SEC took attention to Libra.
The Financial Services Committee sent a request to US Congress about Libra. Members of Congress, first of all, pay attention to the empowerment of Facebook concerning user data.
In general, it is confirmed by the hypothesis that the launch of a centralized actor cryptocurrency and related services will always be a good goal for regulators.
Also, central banks are interested in Facebook cryptocurrency testing before they launch their cryptocurrencies. This will allow them to identify the risks associated with the release of digital currency.
However, it may be difficult for users from third world countries to open a traditional bank account or make a purchase on the web. Therefore, instant messengers are a new way to provide banking access to people excluded from the global financial system.
Currently, China is the leader in the messenger market, where Tencent through WeChat is used for electronic payments. This mobile application allows Internet users to chat, buy air and railway tickets, pay for purchases and travel by taxi. The difference from Facebook Coin is that in the case of Tencent, the control belongs to the Chinese government.
Telegram, an instant messenger with 180 million users, also plans to launch its blockchain platform. Cryptocurrency will be called Gram. The messenger intends to gain financial independence from banks and governments. As for users, they will be able to avoid transfer fees, making purchases safely and transferring funds around the world.
Libra in Cryptoindex?
While it is not known precisely on which exchanges Libra Coin will be listed, it is quite possible that it will be able to bypass even Bitcoin by capitalization. If this is so, then after some time it is quite possible to appear in our index, of course, if it won’t be a stable coin.
Thank you for your support! Stay tuned for more updates!
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