Mark Zuckerberg will explain to the Congress that Libra can fix the ‘’failing’’ financial system and will bring financial services to the 1.7 billion people who are unbanked around the world. Let’s read more in the libra news below.
He explained that if Libra is not the one to fix this, China’s new central-bank crypto will. The Facebook CEO released a written testimony one day before his scheduled appearance before the US House of Representatives Financial Services Committee saying that Libra can fix the system and it is envisioned as a global payment service that can help people send money easily:
“The current system is failing them. The financial industry is stagnant and there is no digital financial architecture to support the innovation we need. I believe this problem can be solved, and Libra can help. I believe this is something that needs to get built, but I understand we’re not the ideal messenger right now. We’ve faced a lot of issues over the past few years, and I’m sure people wish it was anyone but Facebook putting this idea forward.”
Zuckerberg noted that the U.S. could lose the leadership position on the world stage if Libra is not allowed to launch saying that China is moving quickly to launch a similar state-backed cryptocurrency in the upcoming months. He added that Facebook will not be a part of the launch anywhere in the world until all US regulators approve the project.
The CEO also made clear that Facebook does not expect to be leading any further efforts to the development of the crypto project given that the project’s governing council, the Libra Association has now been signed into existence with 21 members including Calibra which is a Facebook subsidiary and Breakthrough Initiatives, a venture capital fund that Zuckerberg is a part of. He wrote:
“[The Libra Association] will work with the Federal Reserve and other central banks responsible for monetary policy to make sure that is the case. We expect the regulatory framework for the Libra Association will ensure that the Association cannot interfere with monetary policy. Libra is also being designed with economic security and stability in mind, and it will be fully backed through the Libra Reserve.”
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“As online commerce becomes increasingly borderless, it’s easy to forget that payments and the value exchange of goods are not a solved problem everywhere,” stated the firm.Having in mind the inability of the existing world financial infrastructure to comprehend the scale of internet commerce, the firm concentrated on digital assets to assist the growth of its platform. Joining the Libra Association is only one of the measures Shopify will be taking in order to position itself as a solution to this worldwide problem. But with companies like Visa, MasterCard, Stripe, PayPal and eBay leaving the Libra Association, the decision of Shopify to join the group was met with criticism and mystification. The future of the Libra project is still unknown because many of the governments around the globe worry about the potential consequences on the global financial system that can come from Libra. The CEO of Shopify, Tobi Lutke, defended the decision of the company to join the disintegrating association, stating that the future of the project is what drew them to it.
“We like to make decisions based on future potential instead of heard movement. Funnily enough, this usually leads to us doing the opposite of the others.’’Tobi Lutke also stated that the firm will start accepting Bitcoin (BTC) directly if there is significant buyer demand. Shopify at this moment supports crypto payments through the merchant payment solution of Coinbase, Coinbase Commerce. Through the integration, millions of shoppers and merchants will have the opportunity to pay and get paid in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Dai.
Calibra Lead Explains Why Facebook Built New Language For Libra
“Move is a new smart contract language built into the core of Libra that is designed to bring a modern approach to today’s financial systems.”Maurer also mentioned that Libra's mission is to solve the lack of access to financial services. He noted that even 1.7 billion adults globally are unbanked, yet 1 billion of those individuals have mobile phones. The Calibra lead also spoke about migrants and how they lose $25 billion a year due to remittance transaction fees. He explained that he recently spoke with someone who had to go to a physical store and pay a fee in order to send money to their family:
“As a technologist, we should be uneasy that someone has to go to a store and pay a fee to send money. Libra is trying to solve this problem by building a new global payment system powered by blockchain.”According to Maurer who is a Calibra lead, Libra offers unique advantage to users and developers which is direct access to its platform, creating an inclusive financial system for all:
With Libra, users don’t have to rely on intermediaries to store funds. Libra offers direct access to the platform and creates a more inclusive system. Developers can also access the platform and build applications to help provide services for people not included in today’s financial system.”Maurer also explained that the idea was to build a language which is designed to fit with the paradigms used when programming with money. He was featured in the altcoin news for describing Libra as a stablecoin that is focused on payments and financial use cases for consumers.
"When building Move, we focused on creating a safe, flexible language that allows us to express concepts that are easily tweakable and easy to analyze for financial use cases," he concluded.
EU Does Not Know What To Do With Facebook’s Libra Coin
“I actually don’t know if Libra is going to work.”Government bodies in the United States and EU are right now working on better understanding crypto. Meanwhile, 2020 is proving to be a great time for cryptocurrencies not only because of their surge but also because of their acceptance. As all of this is happening, the Commission launched an open public consultation which will be available until March 19th, while the Internal Revenue Service (IRS) in the United States is preparing for a cryptocurrency summit which is expected to take place on March 3rd this year. All in all, Libra is creating problems for regulators and no one knows how its future will unfold. From a regulatory perspective, Libra is not the only stablecoin but is certainly one which could become the most popular one.
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