December 19, 2019 is coming to an end, and the biggest Internet controversy in this year can be said to be the digital currency Libra planned by Facebook. Facebook plans to make Libra a free currency that can get rid of the global government supervision system. Allowing netizens to realize free payment and transfer, but Libra has been criticized and questioned by the regulatory authorities.
According to the latest news from foreign media, Libra is quietly advancing amid external disputes, among which Facebook has already begun to use Libra internally.
Libra belongs to the “encrypted currency” in the digital currency. The transaction data is stored in the global blockchain network composed of massive devices, and there is no central issuer or central transaction database. Cryptocurrencies exchanged for fiat currencies are not new, but Facebook’s over 2 billion users on four major social networks, coupled with Facebook’s countless past privacy-infringement scandals, has sparked global regulators and concerns. Central bank vigilance.
The grand vision of the plan, the backlash from its critics and the uncertainty about the project’s future make Libra an annual event in fintech circles. Libra was also selected as one of the 25 “great ideas” that will shape the next decade by foreign media magazines.
Founding members of the Libra Association, a group of 21 companies including Uber, Spotify and Coinbase, have yet to hand over a $10 million minimum membership fee to the group, a source said, despite promising to do so in the past.
Presumably, given the current wave of regulatory backlash, the founding members will first see if the project really has any hope of getting off the ground.
In addition, Facebook employees are already using Libra. Facebook previously set up the Calibra division to develop the Libra digital wallet and other services. In this team, if an employee is late for a meeting, the person will be issued a Libra fine, but the records of these Libra coins exist in a “test network”. ”, there is no fiat currency reserve fund backed, so they are basically a small-scale monopoly currency.
On Wednesday, however, U.S. Federal Reserve official Lyle Brainard lashed out at Facebook’s Libra digital currency project, saying the project faces “a set of core legal and regulatory challenges,” including clarifying the project’s How it will be linked to a basket of fiat currency assets.
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