Libra Coin Destined to Fail
Cryptocurrency is taking financial markets worldwide by storm. Numerous companies are looking to enter the market, including Facebook, with their Libra Coin. The Libra Coin is being managed by a series of corporations which include PayPal, MasterCard and Uber. Even with the recent data breach, more than 2.7 billion actively use their social media services worldwide. However, this lack of trust globally indicates that Facebook’s plans are inevitably doomed. Government authorities worldwide have expressed their severe concerns relating to the Libra Coin, such as money laundering and financial data breaks. It’s these issues that prompted the social media giant to create an association of large corporations, hoping that their support would govern approval for the crypto coin. Unfortunately, the backing of these significant corporations hasn’t allowed for Facebook to go unnoticed. The new legislation is anticipated, and it’ll stop the Libra Coin dead in its tracks. Countless standard traders don’t want this to happen, but financial institutions know that this potential global currency would cause markets to topple everywhere.
Facebook’s already been caught lying about the intimate details on Libra. They indicated that none of their supporters were investors, but it was later revealed from inside sources that all institutions in the Libra Association had provided funding towards the coin. The partners in the Libra Association haven’t committed any wrongdoings and were creating smart partnerships at the time. However, the recent backlash towards the Libra coin could have association members concerned for their investment. However, the investments made by companies like Paypal and Uber have been substantially small. If the currency fails, their losses will be minimal, while Facebook’s losses will be upwards in the one hundred million. There are a few things that the Libra Association and Facebook need to enact to have the coin become successful. Those include:
- The Libra Associations need to convince government authorities somehow that client safety is their primary concern. This will require having internal participants in the association to support the coin publicly in senate hearings. This is unlikely for anybody other than David Marcus, the CEO of Calibra, the company managing the Libra Coin.
- David Marcus needs to be trained thoroughly on how to convince government leaders, indicated by his failures to do so with the United States Senate. Right now, he’s representing the coin in the spotlight, and Zuckerberg is nowhere to be found.
- The Libra Association, with David Marcus, need to advertise how the Libra Coin could benefit world governments properly. Right now, Financial Institutions can only see the negatives on the coin and not the positives. This doesn’t have to be done just in America, but on a worldwide scale.
The chances of the Libra Coin succeeding with Facebook are minimal, if not guaranteed to fail. There’s no financial institution globally that will provide Facebook with a commercial operational license due to their numerous data breaches, which were unknown to billions for years. It additionally applies to their interferences with elections, an increase of violent content on their site and the dramatic rise of fake news on the social media platform. All indicators show that the social media giant is an untrustworthy and unreliable corporation that doesn’t have any problems with selling user information. David Marcus has expressed in two senate hearings that Calibra is a subsidiary of Facebook and won’t comply with their business standards but their own. However, United States Senators weren’t buying his excuses remotely.
Additionally, the Finance Minister of France and Head of Finance at the ESMA are both supporting the termination of Libra. Australia has also revealed that Libra won’t be allowed in their country, as has multiple countries in Asia and the Middle East. It appears on a worldwide scale; the Libra Coin is somewhat already terminated from ever being in existence. Facebook and its association of partners will continue to fight back against the finance authority’s decision, but the chances of success are low.
Few suspect Facebook has good intentions, especially when their leader holds 60% of the voting shares. What this means is that whatever Mark Zuckerberg wants to be done with Facebook immediately happens. If he decided to engage in illegal activities with the Libra coin, nobody as Facebook or Calibra could stop him. They’d force losing their job and never being hired in the tech industry again. There’s been countless who have claimed Zuckerberg in the Putin of the digital world. Everyone can see through his tricks now, and failures will become the new norm of Zuckerberg.