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Abstract:
Facebook has revealed plans to launch its new cryptocurrency Libra in 2020. This breaking news has raised the attention of financial regulators all over the world. As the number of cyberattack incidents targeting different cryptocurrencies surged over the years, Facebook is facing suspicions from specialists and companies and it is not yet clear if Libra can be successfully launched in 2020. Nonetheless, by diving deep into words of David Marcus, the head of Calibra and by studying the differences of Libra with WeChat Pay and other cryptocurrencies, we just might be able to tell. Although it is a little bit too early to conclude whether we should be negative or positive towards Libra, the one thing both the US Government and Facebook are sure is that cryptocurrency is the future.
Introduction
Since its debut on June 18, the fate of Facebook’s Libra has been going up and down like riding a roller coaster. The pro-Libra camp hailed that “Libra will empower fans in underserved markets by enabling financial inclusion”, and “From in God we trust (US$) to in FB we trust (Libra)”. While the con-Libra camp criticized and accused “Libra in particular and cryptocurrencies more broadly could offer the opportunity or have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking.” by U.S. Secretary of Finance Mnuchin, and “Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new banking charter and become subject to all banking regulations, just like other banks.” by U.S. President Trump…
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