Facebook's Mark Zuckerberg wants to launch a global currency and change the world of finance for billions of people. But many - including powerful politicians, bank chiefs and regulators - don't like the idea one bit. Why?
Libra, Facebook's proposed new digital currency, is not receiving a balanced response.
"I don't think you should launch Libra at all," said US congresswoman Carolyn Maloney at a hearing in Washington in July. US President Donald Trump, leaders of the G7 nations, and the head of the Bank of England, Mark Carney, have all expressed concerns about Libra, too.
Now the UK's Information Commissioner's Office has joined the chorus of sceptics.
Some bystanders assume that because Facebook has used terms like "blockchain" and "decentralised" in its statements about Libra, that it is a system like Bitcoin.
In other words, that it would be a grassroots digital currency that anyone can buy into and which would be extremely difficult to shut down.
But Libra really isn't anything like Bitcoin. It will, in fact, be managed centrally - a basket of other currencies and assets will be used to set the value of Libra, keeping it much more stable than highly volatile Bitcoin.
source: BBC NEWS
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