Cryptocurrency is taking the fintech world by storm, beginning with pioneering altcoin Bitcoin to emerging ones like Ethereum, Litecoin, and Ripple, among others. Social networking giant Facebook has also announced that it has funded the creation of Libra, which is their version of the cryptocurrency.
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.
Facebook has experienced its fair share of bad news over the past year. On the heels of dealing with privacy issues and a decline in revenues due to reduced target marketing, on Thursdayת the US Department of Housing and Urban Development reported that it was charging Facebook Inc. with violating fair housing laws.
Trade Finance Global heard from Stephen Hubble, Chief Analyst at Centtrip, on how even the largest businesses struggled to deal with currency volatility and market uncertainty as a result of the current climate.