Skip to main content

Facebook Warns Investors: Libra May Never Launch



Following Facebook’s June announcement of plans to create a digital currency known as Libra, the company’s recent investor report has engendered a bit of pessimism about the potential new global coin. The report referenced the firm’s lack of experience in the blockchain field as well as “scrutiny from governments.”



Concerns and a Possible Delay



Facebook’s announcement attracted enormous attention, but not all of it was positive. Several well-known public figures have appeared to raise concerns about Libra and the potential harm it may cause, and a knock-off website was even launched purporting to sell Libra coins (which are, in truth, far from being released).
Some of those names include U.S. Treasury Secretary Steven Mnuchin, Federal Reserve Chairman Jerome Powell, European Central Bank Executive Board Member Benoit Coeure, and French Finance Minister Bruno Le Maire.
Alluding to its lack of industry experience, Facebook stated in its quarterly report that Libra and Calibra could be delayed or even not launched at all.




The CEO of Facebook, Mark Zuckerberg, stated that the company would take as much time as it needed to improve on all fronts and to “address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is”.



Libra’s Mission



Facebook’s digital currency is currently set to launch in 2020. David Marcus is spearheading the development of the project and testified at a congressional hearing earlier this month. In describing the currency’s mission, he explained that Libra and the digital wallet Calibra could be a more effective and low-cost way of transferring money from one person to another.
Some questions have been raised about Libra’s potential, and it has even been referred to as a PayPal upgrade.

Comments

Post a Comment

Popular posts from this blog

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more

Gold Demand Rises While Supply Is Disrupted In Q1 2020 Amid The COVID-19 Pandemic

The novel COVID-19 pandemic disrupted gold distribution in Q1 2020, while the demand saw a serious increase, primarily in the west. At the same time, most central banks continued amassing large quantities of the precious metal. Gold Demand During The COVID-19 Crisis With the unexpected outbreak of the COVID-19 pandemic at the start of the new decade, traditionally perceived as riskier assets such as equities and cryptocurrencies plunged as investors were looking for liquidity in fears of the potential aftermath of the crisis. Gold, generally utilized for its safe-haven status, also suffered from price declines in mid-March during the most emphatic days of uncertainty. Since then, however, its price has recovered, and it’s even trading at 12% in the green so far in 2020. When world governments were initiating stimulus packages , also known as printing excessive amounts of money and debts in short periods, investors turned to the precious metal’s safe-haven...
Post a Comment
Read more