The giant social media Facebook has taken a step back in the face of the rejection of the proposed crypto-currency from financial regulators. With the new status, which will change the profile of the Libra, the Deutsche Bank applauds strongly the efforts made by the team comprising the project.
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Set aside the fear of regulators
Blasted by the regulatory authorities and the bankers at its first presentation, in the month of June last year, the content of the old version of the project was not at all pleased with these observers. Facebook had collected in an objective manner the many criticisms directed towards his main project, and, after mature reflection, trying again his luck in revising the white paper.
Recall that in its first presentation, the members of the committee have unanimously declared that the issue of the Libra is a significant threat to the monetary sovereignty of a country. The reason is that the issuance of a currency is a right exclusively reserved to central banks.
But with the new version of the white paper, the project will lead to increased transparency, because the ecosystem will be accessible to the various digital currencies issued by central banks, provided that they are available in different countries.
Deutsche Bank is quite satisfied with
Noting the efforts of Facebook to respond to the concerns of the regulators, the Deutsche Bank, one of the main european banks, which returned a verdict in positive regard.
“Facebook made a big change in the strategy and the features of the crypto-currency to meet the main objections of regulators and central bankers” would she said.
According to the German bank, the revised version of Libra is more acceptable, given that it puts a lot more emphasis on the reduction of payments instead of compete with governments and central banks in creating a mode of payment parallel.
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