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Digital Currency Libra Under Pressure, Facebook

Digital Currency Libra Under Pressure, Facebook

The US and European policymakers have struggled with digital currencies for two years and with Facebook talking about a new addition called Libra, there are concerns that sovereign currencies may be threatened. On Tuesday, the European Central Bank board member Benoit Coeure warned that virtual currencies like libra “could challenge the supremacy of the US dollar.” Many government officials around the world have said that they are concerned about the rise of digital currencies, with President Trump saying that there is “only one real currency” and that is the US dollar.

I find that strange because I use Yen every day and it works just fine. The concern from policymakers and lawmakers is echoed around the world as Facebook has more than 2.4 billion users as of July 2019 and is one of the most influential platforms on the planet. Facebook is partnering with a Switzerland-based consortium known as the Libra Association which includes Uber, Visa and Vodafone. Surely Libra will get a lot of attention in the coming months and we will be updating. 

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