Facebook’s Libra Is A Great Concept And Zuckerberg Is A Hero For Pursuing It
Posted: Sat Sep 19, 2020 7:15 pm
Steve Forbes seems to make a strong case for Libra. Are you swayed by it?
Vinny
Facebook’s Libra Is A Great Concept And Zuckerberg Is A Hero For Pursuing It
https://www.forbes.com/sites/steveforbe ... 4c526a36a8
And this gets to the real reason the idea of Libra is so troubling to so many politicians, government bureaucrats, banks and economists the world over: Libra could do to central banks what Uber and Lyft did to the taxi cartels—bust up their monopolies, or, to coin a phrase, give them a run for their money.
Libra would be backed by a basket of currencies and gilt-edged financial instruments, thereby overcoming the biggest flaw of other cryptocurrencies today—their instability. Four thousand years of experience demonstrates that gold would be the best tie, but Libra’s basket would still be vastly superior to anything else out there.
When Libra is up and running, a Facebook user could obtain a digital wallet called Calibra and could then send units of Libra to another Calibra wallet-holder anywhere in the world. The results would be instantly revolutionary. Under our current system, it’s expensive to wire money across borders, not to mention the hours or days it takes for funds to clear. Banks would be cut out of the process entirely!
What a combination Libra offers: convenience and currency stability.
Another enormous plus is that such a digital and mobile system would easily open up accessible banking services to the nearly 1 billion people worldwide and the 14 million in the U.S. who don’t have bank accounts. Amazingly—and unknown to most of the world—such digital banking has blossomed in Kenya, where millions of people, in response to the country’s lack of traditional bank branches and services, do their banking, in effect, via their mobile devices. China is also light-years ahead of the U.S. when it comes to digital transactions.
PROMOTED
Vinny
Facebook’s Libra Is A Great Concept And Zuckerberg Is A Hero For Pursuing It
https://www.forbes.com/sites/steveforbe ... 4c526a36a8
And this gets to the real reason the idea of Libra is so troubling to so many politicians, government bureaucrats, banks and economists the world over: Libra could do to central banks what Uber and Lyft did to the taxi cartels—bust up their monopolies, or, to coin a phrase, give them a run for their money.
Libra would be backed by a basket of currencies and gilt-edged financial instruments, thereby overcoming the biggest flaw of other cryptocurrencies today—their instability. Four thousand years of experience demonstrates that gold would be the best tie, but Libra’s basket would still be vastly superior to anything else out there.
When Libra is up and running, a Facebook user could obtain a digital wallet called Calibra and could then send units of Libra to another Calibra wallet-holder anywhere in the world. The results would be instantly revolutionary. Under our current system, it’s expensive to wire money across borders, not to mention the hours or days it takes for funds to clear. Banks would be cut out of the process entirely!
What a combination Libra offers: convenience and currency stability.
Another enormous plus is that such a digital and mobile system would easily open up accessible banking services to the nearly 1 billion people worldwide and the 14 million in the U.S. who don’t have bank accounts. Amazingly—and unknown to most of the world—such digital banking has blossomed in Kenya, where millions of people, in response to the country’s lack of traditional bank branches and services, do their banking, in effect, via their mobile devices. China is also light-years ahead of the U.S. when it comes to digital transactions.
PROMOTED
