IS FACEBOOK’S LIBRA WORTH TRUSTING?

On June 18 Facebook announced that in 2020 it is going to launch a cryptocurrency called Libra. This announcement surprised regulators and shocked everyone that were afraid of cryptocurrency adoption. Since then all those politics and financiers have been criticizing the company.

It is thought that the users of Facebook about 3 billions can overturn the financial system.

In his speech, Sherrod Brown, a Senate member, mentioned that the release and approval of the new Libra don’t worth to be trusted and it’d be illogical to allow the company to make attempts with people’s bank accounts.

Before Facebook had announced their idea of digital money, it was already getting negative criticism.

David Marcus, the company’s head controls the activity and he has presented issues of how Libra can effect the universal financial system as lawmakers have many concerns about it. He believes that it’s a matter of time to be legally accepted but later Marcus made an attempt to relieve those by promising that Libra won’t be offered until law affairs are handled.

Lawmakers were doubtful about the security of customer’s cash and info, like how they can be sure that their transactions will not be revealed by Facebook.

Marcus knows that this system takes a considerable time to get public trust.

Many critics are angry that this project could move forward such an innovative program with very high potential, without open access for policymakers in the case that it has already appeared in the center of their attention.

A small part of Facebook’s employee works on this plan, for example, Kevin Weil works for the Libra’s leadership. One of the former team members informed about the under cover working method of the company and that only the involved staff were fully aware of it. Others didn’t even know that it was working under Libra’s name.

 

 

 

 

 

 

 

 

 

 

The post IS FACEBOOK’S LIBRA WORTH TRUSTING? appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/facebooks-libra-worth-trusting/
via Bitcoin News
via Bitcoin News Today