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A year in the making and thought to cost a billion dollars …Facebook has unveiled Libra…An attempt to bring digital currency to the masses and to compete with other crypto curriencies like BitCoin…The Social Media giant has released this presentation touting Libra’s prowess – saying the new currency could soon be as commonplace and usefull as cash for Facebook’s 2.4 billion montly users. Facebook says such a digitial currency will also permit around one billion people in the world who dont use banks to be able to shop, transfer and save money with a click of their phones. At select exchange shops, cash will be able to convert into digital Libras, and to avoid fluxuations -like those that have plagued bitcoin, the currency will be pegged to others major currencies…But such a global cryptocurrency could also raises major regulatory issues:9. SOUNDBITE 1 – Cathy Mulligan, Senior Research Associate in Blockchain at University College London (female, English, 24 sec): , I think there are some interesting regulatory questions that pop up: firstly, Facebook is a global company — are they creating a global currency? That is a little bit difficult to manage. We have no universal definition of money, actually, across the entire planet every single country seems to have a slightly different intepretation for what money actually is.”To ward off regluatory and technical issues, Facebook has consulted with multiple goverments and set up a consortium to run Libra. Over 2 dozen corporations have signed on: including Visa, Mastercard, Uber and Paypal. But fears and questions about privacy, and taxation have yet to be answers
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