After months of speculation, Facebook has revealed its Libra blockchain and the Libra coin to the world. The highly-anticipated cryptocurrency ran into immediate opposition in Europe and the United States. The French Finance Minister Bruno Le Maire said it was “out associated with question” that Libra would “become a sovereign currency”. Meanwhile, Markus Ferber, the German member of the European Parliament, said that Libra has the potential to become a “shadow bank” and that regulators should be on high alert. In addition, both Democrats and Republicans raised their concerns with Representative Patrick McHenry, the senior Republican on the House Financial Services Committee, calling for a hearing on the initiative.
It was to be expected that when the particular social media giant, who has seen numerous scandals in 2018, would launch a cryptocurrency, there would be opposition. Many people, organisations and governments no longer trust Facebook with the social media data, let alone along with their financial information. The main concerns from regulators and lawmakers around the particular world are that Facebook is already too massive and careless with users’ privacy to launch an initiative like Libra.
However, before we judge too quickly, let’s first dive into the Libra blockchain as well as the Libra coin to understand it…
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