New currency from FacebookThe cryptocurrency, which has been named Libra, has not yet been officially launched, but there are already complaints about it from several fronts. In addition, Libra will not be able to be launched before all regulatory concerns are resolved. The current president of the United States also has his own thoughts about Libra and cryptocurrencies in general, Donald TrumpHe described Libra as another tool to support illegal activities and, above all, to sell drugs. Facebook However, led by Mark Zuckerberg, they continue to stand their ground. Authorities are trying to convince that Libra will not disrupt the stability of current currencies and will become a safe and regulated currency.
Gallery
Libra is both a cryptocurrency and an association of several companies behind the cryptocurrency. David Marcus, who is in charge of all things Libra, will be trying to convince authorities in the coming days that the new currency will fully comply with anti-money laundering and bank secrecy laws. Several members of the US Congress have already said they would like to kill Libra before it even sees the light of day. Mistrust is certainly being fueled by various missteps Facebookwhich concern the mishandling of users' personal data.
Related
Libra is supposed to be a secure cryptocurrency that won't store any user data. All transaction information and virtually your entire account will be stored in the Calibra wallet, which Facebook is developing precisely because of its new currency. Calibra will not be shared with any social network and will not be able to be used for advertising targeting in any way. However, we have heard this tale several times before and it would not be surprising if Facebook immediately after the launch of Libra, it set aside several billion dollars in its accounting for potential fines, as it did with the Cambridge Analytica case. Simply put, when there is money, anything goes.
Even Donald Trump doesn't smell like a pound
As I already mentioned in the beginning of this article, Libra has been criticized even by the President of the United States. He refers to Libra as another virtual currency similar to Bitcoin, which will only assist in illegal activities and the sale of drugs and weapons. According to Trump, cryptocurrencies are not money and their stability is based "on the surrounding air". In addition, Trump takes the potential launch of Libra very much to heart, even comparing it to a targeted attack on the US. He further noted that there is only one single currency in the US that is stable, stronger than ever, and reliable – the US dollar.
….Similarly, 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, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Even though the President of the United States has some power, he probably cannot prevent the development of Libra in any way. The final decision will then remain with the relevant authorities, who are also not at all enthusiastic. On the other hand, we must take into account that the Libra Association includes some of the biggest "players" who work with money - PayPal, Visa and MasterCard. It will be very interesting to see if Libra will ever be launched, and if so, under what conditions. David Marcus will certainly do his utmost to launch Libra. maximum and adds that the United States should not hold the world back by banning new technologies. What do you think about this new currency? Let us know in the comments.
Someone should put that sugar wall down already