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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