Since 2009 cryptocurrencies, especially Libra has been fighting to develop as a means of payment, for daily purchases, services, and goods.
According to the Facebook’s latest news about its new coin Libra, there is a question whether Libra can be so unique among all cryptocurrencies and have the necessary speed to become the means of payment in use.
Libra like other cryptocurrencies faces many difficulties that should be overcome. International control bodies have become more informed about cryptocurrencies and they develop worldwide strategies and card system restrictions and they intend to bring them under the control of appropriate offices.
Libra is having troublesome pressure from such authorities as they find Libra’s activity as a legal financial service too dangerous. At the same time, The US Congress finds it possible but only after the company’s activity be investigated by lawmakers.
Besides those negative attitudes, there are countries, such as Malta, Estonia, that are searching ways to accept crypto but for example, regulators will start to follow these innovations if Facebook manages to create a worldwide demand for its digital coin.
Besides the lack of trust that regulators and lawmakers have towards the working method of the company, there are other reasons worry them too. They don’t understand how it works, another worrying point for them is that cryptocurrencies can lower local currencies. Many authorities don’t like that transactions are not transparent.
Currently, Facebook has more than 2 billion users all over the world, let alone WhatsApp and Messenger that are the company’s platforms. It has a self-regulation method so whatever happens, it is possible that in the future the industry will find Facebook’s production necessary.
Including Facebook into the crypto world brings many advantages. This will add more potential crypto users. It’s likely, that other big companies will also join, like Apple which already has its fixed payment, the ApplePay but it’s only a matter of time to join.