Mark Zuckerberg and his team of Facebook Libra stablecoin cryptocurrency have a lot explaining to do. United State’s Congress recently put them on trial and it’s just the beginning. Now CEOs and executives of the largest international banks wants to know Zuckerberg’s plan for the stable coin.
Libra developers and executives are scheduled to meet today (Monday 12, 2019) with 26 executives from central banks across the world. According to Financial Time (FT), the United States Federal Reserve will be one of the financial institutions in attendance. The high level meeting, taking place in Basel, Switzerland, main focus will be Facebook’s Libra stablecoin cryptocurrency scope and design.
Bank executives, government officials and regulators from all over the globe have expressed concerns with Facebook’s Libra stablecoin cryptocurrency since it was announced in June this year. Both the U.S. House and Senate committees have dragged Facebook’s founder Mark Zuckerberg to the State’s Capital for grillings.
Libra Association, the non-profit body of Libra’s stable coin which will control it states that the cryptocurrency will “empower billions of people around globe” without access to traditional or fiat banks. Could Facebook’s bold claim about Libra crypto coin be its downfall?
Powerful individuals are skeptical of Facebook’s Libra due to the companies mixed records with users’ privacy. The firm has face some serious privacy accusations over the years. Government officials, in particular, are concern Libra may be extremely volatility, use for money laundering and not provide enough protections to consumers.
We contacted Facebook’s Libra stablecoin cryptocurrency team and still waiting for comments. As soon we hear from someone we will update this post with their statement. Please check back for updates.
Do you think the banks are coming after Facebook Libra stablecoin cryptocurrency because they believe it will be a threat to the banking institution monopoly?
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.