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#CryptoCorner: Reactions to Facebook's (NASDAQ: FB) Libra Following Announcement

 

Point Roberts, WA and Delta, BC - June 19, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Reactions to Facebook's (NASDAQ: $FB) Libra Following Announcement

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Stocks discussed: (NasdaqGS:FB)

CNN tech reporter Brian Fung tweeted yesterday quoting U.S. House Committee on Financial Services Chair Maxine Waters' call for a halt to the development of Facebook's (NasdaqGS:FB) Libra cryptocurrency. Waters expressed concern over Facebook's track record with regard to privacy and data protection, as well as what she deems the unregulated state of the crypto market.

"With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues."

Similar skepticism came from French Finance Minister Bruno Le Maire, who explained on a radio show for Europe 1 the need for governments to receive "guarantees" from Facebook:

"I asked the central bank governors of the G7 to report to us in mid-July, when the G7 Finance Ministers will be held, to tell us what guarantees are to be obtained from Facebook. We have to make sure that there is no risk for the consumer, it is our role as a state to protect consumers."

And the Financial Times reports that Bank of England (BoE) governor Mark Carney similarly felt that Libra would need to be vetted by regulatory bodies. An excerpt from the piece reads:

"The governor said the BoE was there to guarantee financial and monetary stability and would look at Facebook's proposals 'very closely and in a coordinated fashion at the level of the G7, the Bank of International Settlements, the Financial Stability Board and the IMF.'"

Given Facebook's enormous platform and the considerable institutional support for it, Libra is already being perceived as a threat to existing cryptocurrencies including Bitcoin (BTC). Bitcoin and blockchain expert Andrea Antonopoulos categorically denies this in a YouTube video recorded on June 11, in which he claims that Libra is not even a real blockchain.

"It doesn't have any of the fundamental characteristics of cryptocurrency. It doesn't stand on the five pillars of an open blockchain, in fact it has none of those."

"An open public cryptocurrency is open, it's public, it's neutral, it's borderless, and it's censorship resistant. All of these are characteristics that stem from decentralization of control. Anything that's created by a centralized organization ... can not achieve any of these five pillars."

Sam Mowers, Investorideas

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