US Treasury Secretary Munykushin, in a press conference at the White House Monday, has expressed concerns about Facebook’s cryptocurrency project, Libra.
During the conference in which Munykushin expressed his uncertainty of Libra ever coming to fruition, he used a combination of other experts’ opinions and his own personal views to show serious concerns about the success of the much-anticipated cryptocurrency project, citing that Libra may never happen in the future.
Response To Libra’s Announcement
Following the announcement of Facebook’s Libra by the social media giant, the project met with stiff oppositions from every angle. Many countries like India moved the motion to block the implementation of Libra in their regions while others like China, in the stead of considering the use of Facebook’s Libra, took a different dimension by researching on building a national cryptocurrency.
Libra Plans Disrupted
As Libra was initially planned to launch in 2020, preparations towards implementation stopped under the pressure received from regulators in the United States and other regions. Now, Facebook is expected to attend a Senate hearing on the matter this week.
Keeping “Facebook” Out Of Finance
Facebook Libra faced much uncertainty against its implementation. Recently, a draft was released in which certain information about Libra’s uncertainty to kick-off was portrayed. The draft was tagged “keeping big tech out of finance…”. If such a draft comes to be implemented, this would keep big tech companies like Facebook from venturing into the finance space. And in turn, this would mark the end of Libra.
As things stood as at the time of the announcement, Libra was supposed to be a cryptocurrency having a cross border settlement feature. However, this would be greatly altered if Libra were to subject its policies to the manipulations of the present financial systems.
Altogether, whether Libra never gets to launch in the future or launches under heavy regulations, the initial idea of a decentralized Libra seems already dead!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com