The Never-Ending Problems of Facebook-Backed Cryptocurrency Libra

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Facebook might have had no inkling of the
troubles that it would face when it first
announced plans to launch its altcoin. Facebook
is already mired in controversies related to
privacy issues and the way it uses the data
collected from millions of its users. To make
things worse, the Facebook-backed cryptocurrency
Libra has also started facing backlash from
multiple fronts.
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Regulatory Scrutiny

• The criticism that Facebook-backed cryptocurrency
  Libra has received from countries like France and
  Germany have made it to the top of altcoin news.
  Both countries have cited the risk that Libra
  poses to the financial sector, which has
  jeopardized Libras authority in Europe. The
  finance ministers of both countries had said last
  month that digital currencies posed a threat to
  not only consumers and financial stability but
  also the monetary sovereignty of European
  countries.

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Tim Cooks Opposition to Creation of Currencies
by Private Groups

• In a recent interview, Tim Cook, the CEO of Apple
  Inc., expressed his disapproval on the idea of
  the creation of currencies by a private group. He
  said that states should continue to remain in
  charge of the money and not some private company.
  These comments from him hold a great significance
  in a time when the debate around privacy has
  gained massive momentum across the world.

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Troubles With Launch in India

• The Economic Times reported in June 2019 that
  Libra wouldnt be launched in India. The current
  regulations in India have banned blockchain-based
  transactions. Also, there are plans to make
  dealing in virtual currencies punishable by a
  jail term of up to 10 years, along with hefty
  fines.

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Conclusion

• With so many impediments cropping up even before
  its launch, Facebook-backed Cryptocurrency Libra
  has a steep road ahead. Whether or not it would
  be launched at all is still subject to
  speculation. Unlike many others, if you are a
  Libra-fan, keep an eye out on the latest crypto
  blog to know what might eventually become of the
  coin..

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