Most people know Libra as the seventh zodiac sign but by the first half of 2020 Libra may become a household name. On June 18th Facebook announced its plans to launch its own digital currency; which would make “Libra” not only a zodiac sign, but a name that carries monetary value.
There are already several warning signs to this concept of Libra. First, is how will Libra be regulated. Unlike a crypotcurrency, Libra will be controlled by about 100 organizations. And though we are not sure who those 100 organizations are, we understand that they include venture capitalist, tech giants, and even major credit card companies.
Interestingly enough, Facebook promises to not connect the Libra financial info to the information they collect from you on their social platform, but..you will be able to send Libra to people via Facebook Messenger and WhatsApp - so what’s that about??
The ultimate goal of Libra is to connect those who do not have access to traditional banking platforms.
Truth be told, most are not sure if Libra will take off. Besides Facebook’s poor reputation for managing people’s privacy, the fear that this can transform the global economy, and the government’s need to flesh out US regulations around this, no one really knows what will come of Libra.
The future of Libra is still up in the air but we can speculate, that like many other Facebook projects, Libra will continue to make headlines.
Thank you for joining me on today's Social Minute.