Cryptocurrency

Facebook is attacking once again with a new Design for the Stablecoin

Libra represents an interesting Chapter in the history of the crypto industry, after Facebook was encountered at the presentation of the Stablecoins to violent counter-reactions. Under the pressure of all these investigations Facebook has designed the crypto-currency project in a completely new. Thus, it hopes that Libra receives from the regulatory authorities the green light. The Plan for the redesign of this controversial Stablecoin was created a month ago.

Libra and the initial resistance

While the project has already been unveiled in 2019, and met Libra from the beginning to a wave of criticism and disapproval. The threat of intensive tests has forced large companies and partners from Facebook, shortly after the unveiling withdraw from the project. Facebook self-described Libra as the money of the future. But it was probably the company, and his dubious reputation, which of the Stablecoin stood in the way.Global regulators gave crypto-currencies in General, only little attention because they see this as a threat to Fiat currencies. The pressure on Stablecoins as a serious substitute is intensifying increasingly. In particular, if such a Stablecoin (and in the specific case of Libra) is a global and influential company such as Facebook is.Facebook has the resources to establish a functioning alternative, and cross-border financial system. Each of the deals only superficially with the subject of money, can select quick measure of what position of power could gain the company in such a case. The governments are trying to stifle any such ambitions as directly as possible in the Bud, is not surprising. Accordingly, the General reaction to Libra was not a big Surprise.Trade on the worlds leading Social Trading platform!Join the millions of people who have already discovered how it smarter to invest by copying the best investors in our Community, or be copied and as a result, a second income can be achieved. Start now!

A new compliant structure for the Stablecoin

Now Facebook has decided, however, as a response, along with its remaining partners, to create Libra as a project. The Intention behind it is clear. It is hoped, therefore, to the regulatory hurdles to get past, which means in the past for the Stablecoin. So Libra is supposed to be, for example, be tied closer to local currencies, similar to how digital Dollars or Euros with PayPal used.As the Association explains that Libra will generate, according to the new Design, several iterations of the Stablecoin. Each of these Stablecoins, in turn, will be the Fiat-currency of the respective country support. A separate Coin, the value of which is supported by a basket of several Fiat currencies, should only be used to move money between countries. This, in turn, will facilitate according to the report, local trade.Interesting is the question of accessibility to the “international Version” of Libra, which corresponds in its essence the closest to the original idea of the project is, of course. Access should be available to the General public, would no longer be any modification of it, of course, as a Farce, and would never be waved through. It is only used as a kind of bridge currency, Ripples XRP gets so that may be a serious competitor on the market.In any case, it is once again exciting to the Facebook-Coin Libra, which has already been ticked off by many as a failure. However, as the saying goes? Tatgeglaubte live longer. Therefore, let us surprise us, what will follow from that direction.

About the author

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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