. These, according to a whitepaper from the association, will include a basket of bank deposits and short-term government securities that will be held for every Libra coin that is created.
With around 2.3-billion people already using Facebook’s platforms, Libra could potentially overcome the hurdle that many digital, or crypto, currencies face which is wide scale adoption by users. “We believe that collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure that a sustainable, secure, and trusted framework underpins this new system.”
For the coming year, at least, Facebook will remain a key driver of Libra’s development, according to the white paper.
It's going to be a digital bank that knows more about us than we'd like. I'm not sure about how I feel about this development when Facebook has constantly proven to take privacy for granted.
Bitcoin is not owned by any single entity. FacebookCoin is gonna lead to more Bitcoin acceptance and to the moon.
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