LONDON: Facebook's planned virtual unit Libra, already under heavy attack from US President Donald Trump and global regulators, faces scepticism ...
LONDON: Facebook's planned virtual unit Libra, already under heavy attack from US President Donald Trump and global regulators, faces scepticism among the wider cryptocurrency community as well.
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.People are"concerned about how the governance ... would work", Disney told AFP. Libra, which is widely regarded as a challenger to dominant global player Bitcoin, is expected to launch in the first half of 2020.Whereas Bitcoin is decentralised, Libra will be co-managed by 100 partner firms, including Facebook's newly-minted financial services division Calibra.
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. But Disney believes that Libra will finally force regulators to present clear regulation guidelines, as demanded by the cryptocurrency community itself.
"In the long run, people may realise that Libra is not a cryptocurrency," Bennett said at the FinTech Week event.
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