Facebook’s libra coin might not get to exist in the longrun, so there is pretty no reason to be hyper about the benefits just yet. Facebook as a company has raised many privacy issues in the past years, and the US senate is automatically sceptical about anything called Facebook.
In weeks of the Unveiling of the Libra Coin, Democrat senators in US chambers have come up with a bill that is indirectly aimed at stopping Facebook from developing the Libra coin Project.
The bill is tagged “Keep Big tech out of finance act”. This bill is not directly aimed at Facebook, so that it won’t be a form of prejudice or hate. According to the bill, tech companies with a Global annual income of $25billion should be kept out of the finance industry.
The bill is yet to find its way to congress, it was only circulated in the round table meeting of Facebook Libra coin’s key officers and House Banking committee.
From the clause of annual income added, companies like Paypal, Payoneer and Square might not be affected, yet. If the bill is passed and they scale the benchmark in annual revenue, well.
There are a lot of questions to be asked about this bill. But, while it remains in draft, its little threat to the Libra coin.
Points raised by members of the banking committee during the meeting included the coin being used by money launderers, scammer, drug dealers amongst other vices. Even Donald Trump has some reservations about the coin.
There is so much opposition to the Libra coin in its home country, USA. We wouldn’t blame India for banning the adoption of the coin. India is a major target of Facebook for the use of the coin, with this ban, Libra just received a huge hit.
So many issues cloud the Facebook’s cryptocurrency, would this coin ever launch and scale? We keep our fingers crossed.