Libra

One of the great advantages that Bitcoin has is that it is decentralized, and hence not controlled by any central agency. Cryptocurrency gives exceptional capabilities to counterspy on and command what individuals do, and putting that authority to a few persons or companies is not only extremely dangerous but also unsafe.

Facebook's cryptocurrency Libra could harm central banks and other major fiat currencies including the euro and dollar, according to European Central Bank (ECB) senior member of the executive committee Yves Mersch.

The topnotch multinational social networking service provider Facebook, has engaged a lobbying company based in the State of Washington, United States amid the augmented Congressional and regulatory backlash the American technology giant has seen because of its future Libra Cryptocurrency project that is expected to be launched in 2020 once it meets all the necessary regulatory approvals.

According to a recent study conducted in May 2019, it is clear that the number of people ready to invest in cryptocurrencies including Bitcoin, Libra, Ether, Ripple, etc. is growing rapidly. Since last year, the digital asset market has soared by over 45%, and if the trend remains like this, the American cryptoasset market is expected to expand further in the next one year.

As the entire cryptocurrency ecosystem eagerly awaits the world’s leading social networking service provider Facebook officially launching its own USD-backed token called Libra, a large number of anonymous fraudsters have already started their bad practices of creating Facebook pages pretending to sell real Libra.

The Office of the Australian Info Commissioner (OAIC) released a statement on Tuesday showing that it has joined other privacy regulators from different parts of the world I’m calling for more info about Facebook’s Libra Network. OAIC and other regulators including United Kingdom Info Commissioner’s Office (ICO), the European Union, the United States, Albania, Canada and Burkina Faso, want to know more about Facebook's information protection framework for its private cryptocurrency dubbed Libra that is expected to be launched in the first quarter (Q1) of 2020.

The latest research shows that Libra, the cryptocurrency owned by Facebook, is now ranked the third most searched keyword on Weibo, a Chinese search engine. Libra follows words like “Chinese Movie Star” and Mona Lisa correspondingly. This is an indicator that people living in the country have started to gain appetite for digital currency including Libra, Bitcoin and others.

The recent US senate hearing on the upcoming Facebook cryptocurrency Libra coin caused a $20 billion loss in the cryptocurrency market. Bitcoin initiated a downward trend since crypto market drops $20 Billion in 1 hour following Facebook’s Libra senate hearing. Bitcoin price displayed a fairly better performance in the last two months.

The Republic of India, the seventh-biggest nation by area geographically located in South Asia, has shown much disbelief in the new cryptocurrency owned by Facebook known as Libra aka GlobalCoin. In fact, the coin will not be allowed to operate in the country.