Facebook's currency could disturb the stability of the financial system
Wall Street’s magnates have worried that Silicon Valley’s giants will shake up finance. Facebook thinks it has found a way. It will launch a digital currency, the Libra, in 2020. Mark Zuckerberg’s firm has failed before to popularise a payments service. And it is an unlikely guardian of other peoples’ money, given its habit of privacy abuses and evasion. But like or loathe the company, its new scheme has legs.
Libra is designed to avoid these pitfalls. It will be fully backed by a reserve fund which holds mainly government bonds, limiting its volatility. The currency will be administered by an independent body that will oversee a centralised database with an anonymised record of transactions. The system will be open, so that any firm is free to create digital wallets that allow customers to use Libras. Uber, Vodafone and Spotify are among the big firms that are keen to be anchor members.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Facebook wants to create a worldwide digital currencyFacebook's digital currency, Libra, could trigger a wave of innovation in finance
Consulte Mais informação »
Facebook's cryptocoin Libra could become a worldwide currency, says CEO of fintech start-up Tally'It literally threatens the governments that issue currency, the banks that store it and the actual transmission network,' Tally's Jason Brown says.
Consulte Mais informação »
Facebook called before Senate panel over digital currency projectFacebook Inc's plans to create a global cryptocurrency will face scrutiny f...
Consulte Mais informação »
Facebook called before U.S. Senate panel over digital currency projectFacebook Inc's plans to create a global cryptocurrency will face scrutiny from the U.S. Senate Banking Committee on July 16, the latest sign that policymakers around the globe are casting a wary eye on the project. David Marcus, who oversees Facebook's blockchain efforts, is expected to testify
Consulte Mais informação »
Lawmakers Wary of Facebook’s Plan to Dominate Global Financial SystemRep. Maxine Waters has some questions for Mark Zuckerberg—and so do Republicans.
Consulte Mais informação »