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Can we trust Facebook when it comes to money? Since the social network announced plans to introduce the new digital currency, Libra, a number of financial executives around the world have sounded the alarm bell. Like Bitcoin, Libra would allow computer payments via blockchain technology. But for Libra to be less volatile than Bitcoin, Facebook plans to badociate it with a basket of real world currencies, such as the US dollar, the euro and the Japanese yen. The Libra also differs from Bitcoin in that it would be supported by large companies such as Visa, Uber, MasterCard and PayPal. Facebook says more than two dozen partners will help finance, build and govern the Balance system. Facebook hopes to raise up to $ 1 billion from existing and future partners to support the cryptocurrency effort. Libra must be launched in 2020, but Facebook must first convince the regulators. US lawmakers have roasted Facebook for its currency projects. Members of the Senate Committee on Banks and Banks expressed doubts that the technology company was ready to introduce its own money, based on past missteps in terms of confidentiality and data breach.
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#Libra # Cryptocurrency
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