• Sun, 17 Nov 2019, 06:50 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Libra is designed to help millions of people across the globe, Mark Zuckerberg

Facebook CEO Mark Zuckerberg is slated to defend Libra in front of a committee tomorrow and the social media juggernaut has released his prepared statement ahead of the meeting.

Photo via Flickr/Anthony Quintano

Wed, 23 Oct 2019, 07:50 am UTC

Mark Zuckerberg is slated to make his case for Facebook’s Libra cryptocurrency venture tomorrow. Ahead of his meeting with an appointed committee, the social media giant released Zuckerberg’s prepared statement explaining Libra’s advantage and how it can help millions of impoverished individuals across the globe.

“People pay far too high a cost — and have to wait far too long — to send money home to their families abroad. The current system is failing them. The financial industry is stagnant and there is no digital financial architecture to support the innovation we need. I believe this problem can be solved, and Libra can help,” the statement read.

Despite Zuckerberg’s adamant push for Libra, however, he also admits that he’s willing to delay it’s launching to work with regulators and legislators. What’s more, he’s also acknowledging doubts from people who are questioning whether or not Facebook should be the company to build such an encompassing currency.

Governments push hard against Libra’s launching

Indeed, entire governments have already declared they will not permit Libra to operate within its borders. Among the countries that have completely shunned Libra are France and Germany expressing fears that a private company achieving centralized monetary hold could spell disaster to a nation’s sovereignty, Reuters reported.

There are also growing concerns regarding the potential use of Libra to launder money and finance terrorist organizations. These fears have already been expressed for Bitcoin and other cryptocurrencies out there so it’s not surprising that several governments are pushing hard against Libra, CoinDesk reported.

Libra could drastically change the financial sector

And this isn’t even mentioning the potential for another Cambridge Analytica scandal where Facebook leaked hundreds of thousands of personal information. Sure, Calibra will be handling people’s financial data that will be separate from Facebook. But given that Facebook itself created Calibra, it’s difficult to imagine that the corporate juggernaut won’t have any say about Calibra’s operations.

It’s for this reason – and several more – that lawmakers and regulators have advised Facebook to hold off any plans for Libra until any questions regarding the digital currency is answered. With other corporate giants locking hands together to push this project, Libra could very well change the financial landscape as we know it. That is, of course, if regulatory bodies allow it to free rein.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,542.77 (+0.17%)
  • Ethereum (ETH) $182.51 (+0.34%)
  • XRP (XRP) $0.264000 (+0.10%)
  • Bitcoin Cash (BCH) $266.49 (-0.07%)
  • Litecoin (LTC) $58.49 (+0.92%)
  • Bitcoin (BTC) $8,542.77 (+0.17%)
Nov 14, 2019 (Thursday)
12:14
Amun AG launches Tezos ETP on Swiss SIX Exchange; makes available 7 crypto ETPs on Boerse Stuttgart
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:59
Samsung SDS integrates QEDIT’s private asset transfer solution with Nexledger blockchain
10:46
Crypto Technicals: BTG/USD slips lower to test 4H 200 SMA, break below to see more downside
10:11
ASX-listed firm DigitalX launched new bitcoin fund
09:23
Telegram denies all SEC allegations concerning its gram token and sale
08:23
Crypto Technicals: XMR/USD pauses shy of 110-EMA (67.251), break above to fuel more gains
07:17
AFME calls for a common approach for regulation of crypto-assets in Europe
06:49
Crypto Technicals: XRP/USD edges higher from fresh 3-week lows at 0.2565, bias strongly bearish
06:21
Chinese bitcoin mining giant Canaan seeks to raise $100M in US IPO
05:20
Crypto Technicals: LTC/USD breaks below 21-EMA, eyes 50-DMA at 57.28
05:19
Crypto data provider Messari raises $4M from Uncork Capital, Coinbase Ventures and others
04:35
Crypto wallet startup Bitski secures $1.8M from Winklevoss Capital, Coinbase and others
04:06
Crypto Technicals: BTC/USD confined to narrow range trade, 5-DMA caps upside at 8814
Nov 13, 2019 (Wednesday)
13:19
CME sets January 13 as target date for bitcoin options launch
12:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:25
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:17
HSBC, SGX, Temasek explore DLT for end-to-end digitalization of fixed income securities
11:18
Crypto Technicals: LTC/USD trade rangebound, holds support at 21-EMA (60.12)
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft