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Facebook Announces Libra Coin
Facebook announced that starting in 2020 they will offer their own brand of cryptocurrency to be known as Libra Coin. Libra Coin has the potential to be huge, because all of Facebook’s 2.5 billion customers are potential Libra Coin users. The scheme is backed by a Swiss consortium called the Libra Association, which includes MasterCard, Visa, and PayPal as members. Facebook’s announcement says that Libra Coin won’t be pegged to any fiat currency, but the value will be underwritten by a basket of financial assets. The design includes an interesting “proof of stake” blockchain that looks like a new idea.
Unfortunately, everybody isn’t universally jazzed with the Libra Coin plan. The financial and cryptographic details are complex, and experts seem split on whether it’s sound. Several governments, including the US and France, have warned Facebook that their plans could fall afoul of national financial or privacy regulations. So it’s possible that Libra Coin plans might change, or may not come off on schedule.
For more on Facebook and Libra Coin, check out his article by Investopedia. https://www.investopedia.com/facebook-gathers-companies-to-back-cryptocurrency-launch-4690619