We know Facebook is workingon blockchain tech and the possibility of it launching a cryptocurrency in the future is very high. However, it hasn't been easy with US Senate writing an open letter to Facebook seeking clarification on these developments.
This could be a reason amongst many others that Facebook has chosen the Switzerland to register its new Fintech Firm Libra Networks LLC according to the filings reported by Geneva Commercial Ledger here
Facebook's secret in-house project was known as Libra and it had registered the same with the US patents office not too long ago. It has also hired two crypto compliance experts who formerly worked with Coinbase to assist in ensuring they meet all the necessary legal requirements.
If FB's launch of their cryptocurrency whenever it may happen will certainly make Zuckerberg the world's biggest central banker. I wonder how it will be accepted by all the regular banksters in the world already.
As far as India goes, FB might just bypass current archaic Indian laws allowing users here to use their digital token. Ofcourse i'm speculating here as there's no official word from the company on launching their cryptocurrency just yet.
Nevertheless, some important things are happening in this space which to me seems very exciting and might help bring mainstream users to the currently niche world of cryptocurrencies.
You can read the US Senate letter to Zuckerberg/Facebook here
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If they make something usable and beneficial to the consumer then I'm for it. I may not use the currency because i'm thinking it will probably benefit FB more than it will benefit me. But this could encourage the masses that crypto isn't as scary or difficult as they may think it is. Make it easy and give benefits and people will warm up to crypto more quickly.
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Shaping up to be one of the most interesting and impactful crypto events yet. Will test legal and political frameworks that have existed for at least a century.
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Do Libra decentralized or centralized blockchain?
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I watched a video explaining the usecase for their "Facebook" coin, and one of them was;
Man, if that happens, they will take a large chunk of crypto-space by storm!
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I guess it'll take some time to let crypto roll in India.
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If it happens, it occupies majority of transactions in cryptocurrency.
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