Is The World Ready For A Global Digital Currency?
Facebook recently revealed its newest and most ambitious project yet – a cryptocurrency called Libra that can be used around the world through existing applications like Whatsapp and Messenger. This venture has the potential to dramatically change global financial and payment systems. The currency will be regulated by an independent organization comprised of representatives from almost 100 companies. They will develop apps and plug-ins through which people can send or receive money from current platforms. This mean cryptocurrency will now become part of mainstream transactions, with the possibility of reaching all of Facebook’s 2.4 billion users. The goal is to create a stable online currency that can be used every day between people across the globe in a cheaper, more efficient manner.
What Are The Benefits?
Libra could give businesses more access to customers, especially those in the international market. By eliminating the exchange between foreign currencies, transactions could become more streamlined than ever. Moreover, by acting as a basket of four currencies, Libra will maintain a more stable value.
Libra could also make online shopping smoother for both buyers and sellers. As it stands today, the online checkout process is full of cumbersome steps, like typing long credit card numbers and repetitive verification fields. This can lead to abandoned shopping carts. Online businesses could benefit greatly from quick, one-step payments using a universally accepted currency.
What Are The Dangers?
It will be important for policymakers to consider whether this new financial system, which has lower transaction costs but unsure resiliency, will be preferable to the established system, which includes higher costs so that banks can build up reserves to protect themselves. There are also big concerns about issues like privacy, money laundering, and the financing of terrorism. READ MORE…
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