Facebook’s plan for a new cryptocurrency has the potential to change entire industries. A more likely outcome is that the technology transforms the social media giant’s own business.
Much of the commentary about Facebook’s proposed libra coin has focused on its defects as a cryptocurrency. It’s more interesting to examine the process for creating libra rather than specific technical features.
Facebook was hours away from the formal announcement of its ambitious foray into financial services, but French finance minister Bruno Le Maire was already broadcasting his discontent.
Naspers CEO Bob van Dijk believes cryptocurrencies could have a huge and positive impact on societies by allowing for frictionless and costless transfer of value between people.
Naspers-backed cryptocurrency platform Luno is planning to increase its workforce by almost 60% to expand its South African headquarters and enter new markets in Southeast Asia.
Bitcoin breached $10 000 for the first time in about 15 months, recouping more than half of the parabolic increase that introduced mainstream investors to the digital asset.
Rarely does an audience Q&A session include a question as incendiary as, “Why is this fraud allowed to speak at this conference?” But that’s how a discussion about bitcoin ended up last year in Seoul.
Facebook’s plans to create a new cryptocurrency that can be used for everything from commerce to money transfers is facing pushback from angry US lawmakers.
Facebook, a centralised corporate giant with a history of customer data-use controversies, is an unlikely candidate for bringing cryptocurrencies to the masses.
Facebook hopes its new cryptocurrency will one day trade on a global scale much like the US dollar. But to come anywhere close to matching the dollar for utility and acceptance, Libra will need to be widely trusted.