Libra, A Cryptocurrency among Numerous Skepticisms

Libra, is a sensational cryptocurrency supposed to be issued to the market by Facebook. As time goes by, various suspicions and questions get more and more about this cryptocurrency. One of the most important points which should be taken into account about Libra is the courage behind issuing it.

Libra, A Cryptocurrency among Numerous Skepticisms
Libra, A Cryptocurrency among Numerous Skepticisms

Libra, is a sensational cryptocurrency supposed to be issued to the market by Facebook. As time goes by, various suspicions and questions get more and more about this cryptocurrency. One of the most important points which should be taken into account about Libra is the courage behind issuing it. In fact, innovative and pioneer company Facebook started an ordeal no one had even thought about at the beginning of entering the world of economy and communications; however, the more information is published about this cryptocurrency which is a stablecoin supported by real currencies, the more questions will arise.

How is Libra’s condition now? How are the approaches toward it?

Libra’s Outlook in the World of Cryptocurrencies


Libra is supposed to enter the world of retail. The world of retail requires a cryptocurrency with high security besides simplicity in working with it. Facebook claims that the presence of investors such as Paypal and other companies in a network where Libra is planned to be traded causes a good security for this extensive project. Moreover, using messenger services like WhatsApp and Facebook, the possibility of the users being able to simply purchase and trade currencies can be provided everywhere in the world; that is, Facebook has considered security and simplicity in using its cryptocurrency. In addition, Libra is considered a stablecoin, and this avoids its price being influenced by volatilities of cryptocurrencies.

Concerns about the Presence of Libra


Considering what has been said remarking that a large part of Libra’s activities will be carried out in the area of retails, there are concerns on the part of authorities and regulating references to legalize Libra’s activity is in the field of retail. In fact, with the advent of stablecoins such as Libra, cryptocurrencies enter our world in a more functional way, and it is here that the need to regularize the structure of using them finds importance more than before. Although more than 20 companies and international institutes such as VisaCard, Paypal, Ober, and others support Facebook and its stablecoin and invest in proceeding this project, these supports avoid the concern of legal references to frame activities of cryptocurrencies and stablecoins; especially, the fact that the retail market is the target of Libra.

Caution, Still a Precondition to Reason


If Facebook can dominate the world with its stablecoin again, it will be a successful company which owns the users’ private and financial information and data. It causes creating concerns about its bargaining power in different affairs, and it will turn into the main threat and can do strange activities via the data they have. Moreover, considering Facebook’s past records, this company has committed some faults in keeping users’ data, and a totally clear and errorless file cannot be imagined in the field of security.
 

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