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The odds of Facebook having the ability to launch its very own cryptocurrency, Libra, were not very good and should further nosedive following Wednesday's Congressional hearing featuring sole witness Facebook founder Mark Zuckerberg.
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Watch Mark Zuckerberg as he's questioned in Congress about Facebook's cryptocurrency, Libra https://t.co/yOnxLlIxeh
— The Independent (@Independent) October 23, 2019
Barry Eichengreen of Newsroom writes:
Plans for Facebook’s proposed “stablecoin”, Libra, appear to be unraveling with the withdrawal of PayPal, Visa, Mastercard, Stripe, eBay, and Mercado Pago as potential sponsors. This is hardly surprising, given growing awareness of Libra’s potential adverse consequences.
Then there are the dangers Libra poses to economic and financial stability. Although Facebook’s stablecoin will be backed by a portfolio of “low-volatility assets,” anyone who lived through the 2008 global financial crisis will know that low volatility is more a state of mind than an intrinsic attribute of an asset.
The online gambling sector is monitoring the situation closely as cryptocurrencies funding now accounts for upwards of 70% of all transactions in restricted markets, including the USA and many countries throughout Europe.
- Aaron Goldstein, Gambling911.com
