David Marcus, Recently said in a Tweet series the connection of the Facebook Coin Libra with the monetary sovereignty of the Nations. He wrote that Libra is designed as a better payment network and a System based on the existing currencies. He pointed out that Facebook will not create new money. But is this really true?You don’t want to buy Bitcoin, you know, but where? To decide the right provider is not always easy. Therefore, we recommend that you take the time to look at our Bitcoin Broker & exchanges comparison. Often several providers are already required to really get all the Cryptos to cover. See for yourself: Bitcoin Broker & stock exchange compared with that now read.
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Facebook Coin Libra is a threat to national monetary sovereignty?
Many lawmakers and analysts believe that Libra can be a threat to the financial structure of the countries, due to the Facebook bundled huge user base. Since Facebook has announced the launch of Libra, the Social Media platform of regulatory authorities around the world under the magnifying glass.In a Tweet series, the Co-Creator of Libra, David Marcus, took a position on the subject, and informed his readership about the topic.
1/ About monetary sovereignty of Nations vs. Libra:— David Marcus (@David Marcus) September 16, 2019
In this Tweet-series, he writes that it is the Mission of Libra is to create a simple global monetary and financial infrastructure for billions of people. According to his statement, it is time that the Internet has a Protocol for money. In addition, at the time, something New for the 1.7 billion people try to survive 30 years after the invention of the Internet, still without a Bank account.One of the first services offered within the Libra network will be a Wallet, which will launch along with many other in Libra.In his Tweet-the series he is also the reasons that led to the founding of the Calibra. Calibra is intended to act as a separate, regulated entity that will invoke to your customers on a strong data protection obligations. So Facebook responded to the concerns from the Community that the implementation of the Libra Coin social, and financial data to be linked in.In addition, David Marcus explained that the Facebook Coin made up of 3 different components will consist of:a BFT-based (LibraBFT), (initially) permissioned and scalable Blockchain,a Reserve-backed crypto currency that is designed to be used as a medium of exchange, and a new programming language (Move).The hope of the developers was to create more access to better, cheaper, and open financial services for Everyone.
David Marcus, adding that they adhere to a strict regulatory oversight is desirable, which prevents the Libra Association of your 1:1 Backup is different from obligation. He said that they will take into account the concerns of Central banks, regulatory authorities and legislators through the design and operation of Libra continues.On Monday, representatives of Libra met with officials from 26 Central banks, to address your concerns.The way for Libra still looks stony, as, for example, the French Finance Minister last week announced that he would not approve the development of Libra on European soil. Libra, however, is with the legislators compliant. Against the US Senate was promised that they would not lead the project, meet all regulatory standards.Trading on our brokers comparison-winning eToro. You are looking for a reliable and intuitive Broker to trade crypto-currencies, CFDs, shares, Forex, commodities and more? Then let yourself be in our eToro Test in 2019 all of the features explain, what possibilities are given to you here and where is here the Before – and disadvantages are . eToro Test 2019 read now.
Libra is really not a threat?
David Marcus writes clearly that Libra is not a threat to the monetary sovereignty of the Nations. But is that really the case?Finally, he writes that it is the stated objective of Libra is to bring crypto currency to the market, which acts as a medium of exchange. This is well known, the main function of money.The fact that national currencies are used, the stock of Libra Coins to reinforce the power of the national currencies, in this case, nothing more than a store of value resources, which will disappear in their actual functionality, as money and as a circulating medium of exchange from the market.You want more on the topic of money and the connection to crypto-currencies learn? Then I recommend you to take a look in our latest article series, Bitcoin and money! For the first part of the series: Bitcoin and money The phenomenon of money.What are your thoughts on the Facebook Coin Libra are? Let us know your opinion and come to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)