With many showing distrust in the introduction at the upstart currency, Facebook is busy proposing its new digital currency. The response to the new currency isn’t welcoming for the others.
The new currency which is named ‘Libra’ will be run by the Libra Association which is a Geneva-based firm. It has around two dozen founding members including Facebook. There were concerns raised by the lawmakers along with Facebook co-founder Chris Hughes, one of the critics of the social media network helped create.
The main objective of the Libra association is to enable a simple global currency and financial infrastructure that empowers millions of people. The Association promises financial inclusion on a global scale. The white paper says- “Moving money around globally should be as easy and cost-effective as- and even more safe and secure than- sending a text message or sharing a photo, no matter where you live, what you do, or how much you earn.
There is little in common between Bitcoin and Libra cryptocurrency. Libra is 28 influential corporate entities whereas on the other hand Bitcoin is the world’s first product of libertarian values.
President of the United Nations Donald Trump took to twitter where he twitted- “ I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose values are highly volatile and based on thin air.
The head of Cryptocurrency research firm Bitsassist argues that- “ A true cryptocurrency should be resistant to attacks by all parties, from sovereign states to global corporations. Cryptocurrency is a type of money used to transfer value over the internet that cannot be stopped, confiscated or destroyed by any single entity.”
Facebook was always in the spotlight regarding its privacy issues and many users are hesitating while showing concerns on the plague.