Is Libra going to Silent by the Pressure of Big Tech Giants and Unnatural Scrutiny?

Since Facebook announced to jump in the crypto market with its cryptocurrency called Libra, it had created hype among the crypto traders as well as firms and startups. Perhaps, it remained the most favorite headline in the crypto news sites.

The blockchain-based firms outlining their plans to straight with the latest demands in order to remain first on the top priority list. We can say that this news has fueled the process of improvements in this industry which is a good thing for digital markets and for its lovers.

Entrance of Crypto Assets by Big Firms

With the announcement of Libra came, there is a list of announcements that occurred by the influence of the former one. For example, the famous cryptocurrency exchange Binance has unveiled its project Venus especially for the development and advertisement of native tokens on the international level for their recognition.

Similarly, the unnatural thing happened in China because there were very strict regulations for keeping digital assets in the country. But now they have put forward their own established digital asset in the markets. The People’s Bank of China (PBoC) which is also the central bank of China has put forward its own cryptocurrency called Central bank-issued digital currency (CBDC).

Criticism Over Libra

We had listened to the praise as well as a lot of criticism on this big initiative. The entrance of such a big platform into blockchain technology has burdened other big brands as the competition has increased when compared to the past.

Here we quote one piece of criticism over Facebook’s digital currency. Erik Finman, the bitcoin fan, and a millionaire launched its own crypto payment app called Metal Pay and referred it on Twitter ‘the Libra Killer’.

The Government tighten the Belts Over Facebook’s Libra

The scrutiny over the giant social platform has increased after the launch of its digital currency. The official regulators of America have tightened the policy over this and asked Facebook to reveal its motives behind this. This is so because it has also threatened the existence of the US dollar. The other concern is its decentralization as it is not controlled by the government.

Leah Hutton

Leah Hutton has recently joined Tokenhell team as a freelance writer. She has comprehensive knowledge of blockchain and various cryptocurrencies.

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