Last updated on April 14th, 2022 at 11:11 am
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Libra Cryptocurrency dubbed Facebook cryptocurrency is set to launch mid 2020 after the whitepaper was released in June 2019.
Many financial institutions has taken a negative stance towards Libra development. Some notable financial institutions around the world has spoken on its negative effects towards the financial institutions.
The US government has ordered Facebook to halt any further development of its cryptocurrency. The US government pointed out risks of the further development and future use of Libra Cryptocurrency.
DISADVANTAGES
Facebook cryptocurrency will open its billions of users to privacy bridge and financial data bridge. The use of this digital money will expose its users to hackers and possible financial loss.
Its use will also encourage money laundering and illegal money transfer and trade by fraudsters. Moreso, with libra coming to play, cyber crime will be on the rise,leading to the destabilization of some financial institution.
ADVANTAGES
The use Libra cryptocurrency will help in the wider adoption of cryptocurrency and the use of blockchain technology. The number of users accessing the bitcoin network is growing everyday.
With the Libra development and possible launch the use case of bitcoin and other cryptocurrency will be faster. The use of Libra will go mainstream reaching to the most remote part of the world using Facebook and Whatsapp.
Possible implementation might also evolve from other popular social media platforms including 2go.
Some countries like China seems not to be affected by the Libra development. This is because of the less popularity of Facebook, Whatsapp and Instagram and its use case in the region.
Tips To Know About Libra
Yet To Be Launched!
Will be paired to your national currency!
Has a custodian wallet called Calibra!
Will be launched in 2020!
Controlled By Libra Association!
Libra Cryptocurrency is currently chairman by Facebook!
