Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Saturday, 29 June 2019

LIBRA : The coming battle of Currencies ?


LIBRA  :  The coming battle of Currencies  ?


Source :



Extract  :

Facebook also created a new subsidiary, an app called Calibra, that will let users ,
Ø   “ send and receive “ the currency ( obviously, bypassing RBI / Banks etc ? )

The Libra Association will oversee Libra Blockchain and
Ø  manage Libra’s reserve to assure the stability of the Cryptocurrency’s value “ ( taking over the main responsibility of RBI  ?  )
Libra web site does not mention Facebook and it has a
Ø  different branding than Facebook ( to tie up the legal luminaries in knots ? )
Facebook assures that ,
Ø  It ( Libra ) is regulated and that financial data is kept separated from Facebook ( to ensure no incidental liability for Facebook’s own huge profits , in case of court cases against Libra ? )
We can expect to see real world cash – exchanges for Libra, beyond the Calibra digital wallet ( a serious threat to all Wallets / Payment Apps including BHIM ?  )

There is no word yet on whether Libra will institute a ‘ user age minimum ‘, although Libra’s web site says, that,
Ø   users will need a government-issued ID to sign up

European watchdogs demand detail on Facebook's cryptocurrency  

Extract :


Facebook last week announced plans to launch Libra within the first half of 2020, part of an effort to expand beyond social media to e-commerce and digital payments
Facebook’s project has raised privacy concerns among U.S. lawmakers and prompted European central bankers to claim oversight to ensure it would not jeopardize the financial system or be used to launder money.

MY  TAKE  :
#   Libra is not just another Crypto-currency ( like Bitcoin ) , which anyone with a powerful
     computer can “ mine “ and create personal “ assets “, which they can trade on crypto-
     exchanges . It aims to replace , not only all other existing crypto-currencies but even “
    government-backed “ fiat “ currencies  !

#  Facebook alone will do all the mining / creation of Libra ( its entire reserve )

#  Facebook will “ dole out “ tiny portions of Libra to its users who are willing to sign up
   Calbra for giving away personal / private data ( what can any govt do to stop such
   individual contracts between Calibra and its users ? )

#  It is high time NDA government quickly strikes a deal with Facebook , in terms of :

     Digital Dividend from Demographic Data [ 4 D ] 


   At least, Libra wants users ( of Calibra ) to get a Govt ID for registration !

For once, let us do something smarter –and faster – than EU / USA  !

======================================================

29  June  2019
hcp@RecruitGuru.com

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