Blockchain and Cryptocurrency: People, Culture and Tech
The Libra Association would not quite deny reports that digital payment service PayPal is withdrawing from the group, designed to oversee Facebook’s highly controversial, proposed cryptocurrency.
The biggest obstacle to a European Central Bank-issued digital currency is not the technology, according to departing European Central Bank President Mario Draghi. Rather, he said, the “key issue is … its utility in terms of costs and benefits to the public.”
At a hearing this week, a congressman suggested that Facebook’s proposed Libra stablecoin should be classified as a security that should be regulated. Such a designation threatens the future of the social media giant’s foray into cryptocurrencies.
Expanding its user base to the “unBooked” in the developing world won’t replace us high-dollar users in wealthy countries. But giving users $50 to try out the new payments system would show users than Facebook does respect and value your data and privacy.
