The most effective method to get Facebook support rapidly

Mark Zuckerberg, the CEO of Facebook, has expressed his desire to introduce its own crypto currency Libra. But there are many people who are opposing this idea. These include not just the authorities and the banks but also powerful politicians. Let us find out more about this currency Libra and why are so many people against it.
Facebook support

Facebook support to Libra has been opposed by powerful people like President Donald Trump, leaders of EU, Congresswoman Carolyn Maloney, and even Mark Carney, the head of the Bank of England. Facebook has said that Libra would be a global currency that would be decentralized. This means that Facebook would have no control or ownership in this crypto currency. It will be a currency that anyone can buy but one that would be extremely difficult to close down.

However, Libra is not going to be like Bitcoin. It will be a built in currency attached with powerful apps like Facebook, Instagram, and Whatsapp. Its value will be much more stable than Bitcoin as it will be set against some of the most popular currencies. This is what is annoying the regulators and lawmakers. They feel that Facebook aims to don the role of the government by issuing a currency and also making its own monetary policies.

It is clear that those purchasing this crypto currency will be subject to the regulations introduced by Libra Association, the parent company. One thing that everyone is sure about is the fact that Libra, once it becomes popular and strong, will have the potential to impact other important currencies of the world.

These are the reasons why influential people want to stop Facebook in its tracks when it comes to issuing its own currency. They are exerting pressure on Mark Zuckerberg who has relented somewhat by saying that he will not introduce Libra until the regulators and lawmakers are satisfied about its potential impact on the financial world.

With full Facebook support, experts believe that Libra will move from being too small to care about to something too big to fail in very quick time. These experts cite examples of developing nations that depend upon remittances sent in by their citizens living and working abroad. These remittances are subject to high fees by banks and other regulators. But once Libra becomes popular and strong, it could become alternative money for these people and they may start sending their remittances through Libra. Naysayers believe that Libra can have adverse impact on the economy of entire nations in the time to come.

No one knows how Libra will be controlled and what kind of supervision it will go through. To reassure the regulators and the politicians, Mark Zuckerberg has thrown the ball in their own court. He has asked them to suggest the kind of security measures and monetary policies they would like Libra to be governed with. Face aims to convince these doubters that Libra will only be an instrument for payment. Only time will tell whether Facebook actually introduces Libra or not. Till then, everything else is purely a conjecture.

This post was first published on:-http://allaboutinternet.home.blog/2019/08/22/can-facebook-be-stopped-from-issuing-its-own-currency-libra/ 
Location: Texas, USA

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