Facebook recently announced a “blockchain powered currency” called Libra which appears to be a potentially game changing development in payments. Although there is scepticism and uncertainty, Facebook’s Libra initiative is something to be encouraged and applauded. With the caveat that FB needs to be watched very carefully as it has over the years proclaimed in its various mission statements that it wants to “move fast, break things, build things and add stable infrastructure”.
The U.S. legislative body has set congressional hearings after several lawmakers raised concerns hours after social media giant, Facebook, announced its entry into the digital currency market via Libra.
For those who are unfamiliar with the term, blockchain works as an incorruptible digital ledger that records various transactions, which have taken place in a particular asset, whether it be cryptocurrency or smart contract.
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