Facebook’s Libra can be a boon or bane in cryptocurrency market
Lawmakers fret over Facebook’s Libra Project – a giant digital currency in the making.
The government’s unrelenting effort in putting the said project under scrutiny poses a big threat and deferring issues among existing digital currencies and the whole cryptocurrency market.
Analysts and investors in the digital financial system also expressed their sentiment that Facebook distrust among lawmakers could lead to potential stern measures and eventually defer the market’s growing influence and financial development.
Since Libra came into the cryptocurrency picture, talks about cryptocurrency regulation among politicians – including US President Donld Trump – rose up.
As Libra slowly takes the digital currency world by storm, leading digital money Bitcoin and its consumers start to focus to Libra and what it will bring to their market, whether good, or bad.
Particularly, lawmakers are looking into the possibility that many people can be lured to using Libra as digital money through Facebook which will hurt the traditional financial system in the process.
On a different level, they also consider the positive outcome that cryptocurrency will massively grow as consumers decide to trade Libra to other cryptocurrencies.
Some experts believe that Libra might be the answer to bridging the gap of unregulated cryptocurrency system.
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