FRIDAY JUNE 21, 2019
Hi,
The rumors have finally been confirmed. Facebook is launching a cryptocurrency. The announcement came as expected Tuesday and sent shockwaves around the globe.
Here's what we know so far:
The Fall Out:
In the days following the release, the reviews of the cryptocurrency have been mixed. Many cheered on Libra, calling it positive for crypto adoption, while others expressed outrage.
French Finance Minister Bruno Le Maire led the charge, saying "it is out of question [that Libra] become a sovereign currency. It can't and it must not happen."
German member of the European Parliament Markus Ferber piled on, calling Libra a "shadow bank" and a handful of U.S. senators also objected, saying Facebook is already too big and can't be trusted with users' financial data.
As a crypto advocate, I believe the response from regulators says something good about Libra. While their concerns are justified, so is Facebook's mission to create a more democratized, global, and digitized economy.
The problem? Trust.
The only solution to this is a cryptocurrency that operates free of a centralized company or group of companies.
Oh, wait, that already exists!
Cheers,
Jon
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Everything you need to know about Libra, Facebook's ambitious cryptocurrency
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