Facebook Libra currency cursed by wider community

The social giant Facebook Libra currency is under heavy attack from US President, global regulators and the wider cryptocurrency community as well.

Facebook Libra currency cursed by wider community

FinTech week held at London and one of the moderator raised the question. “Can I just ask you to raise your hand if you would not be willing to use Libra?”

In the room, filled with about 100 experts and media who closely track the sector, about two-thirds of participants raised their hand to express distrust at the upstart currency.

Helen Disney, founder and boss of Unblocked Events, which promotes the blockchain technology that powers many cryptocurrencies, acknowledged growing doubts over who exactly would oversee and regulate Libra´s operation.

“The cryptocurrency community is very libertarian in thinking,” its about giving power to the people, democratization of finance, keeping away from big banks and companies who control (the) economy.

Last week’s gathering came one month after Facebook announced to the world its plans for the libra currency. Libra, which is widely regarded as a challenger to dominant global player Bitcoin, is expected to launch in the first half of 2020.

While Facebook boasts an enormous customer base dotted across the globe that should facilitate Libra’s uptake, it firm also been plagued by privacy concerns that could make users hesitate.

Libra has meanwhile raised eyebrows among the world’s financial regulators, including the Bank of England, the European Central Bank and the US Federal Reserve.

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