With the introduction of the new cryptocurrency Facebook wants to “change” the world economy. While the currency called Libra is being developed by Facebook, the company wants to share control with a group of companies that include venture capitalists, credit card companies, and other technical giants.
Bitcoin millionaire Erin Finman sees Libra as a catalyst
At the beginning of the project, it is possible to ship Libra within Facebook Messenger and WhatsApp, which is usually a mediator for the transfer of traditional currencies. Facebook hopes that Libra will be accepted as a means of payment and that further financial services will be based on its blockchain-based network.According to 20-year-old Bitcoin millionaire Erik Finman, Calibra is an “amazing” product that will help legitimize cryptocurrencies and drive general interest across the crypto area.
Finman earned a reputation among crypto enthusiasts for joining Bitcoin at $ 12 in 2011 after his grandmother gave him $ 1,000. During the all-time high of Bitcoin in 2017, the 20-year-old’s investment rose to $ 4 million, earning him the nickname “the adolescent Bitcoin millionaire.”Although Calibra sounds so exciting, it opens up some “frightening” opportunities, Finman adds.
Supervision of financial services would like to examine Libra
Given Facebook’s ambitious goals and its reputation for disregarding privacy and exacerbating immense political and social problems around the world, Libra’s announcement prompted immediate regulatory responses. Before starting the currency in the first half of 2020, Facebook will have to answer many questions.