The Never-Ending Problems of Facebook-Backed Cryptocurrency Libra
                     The Place Where Great 
Ideas Converge
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Facebook might have had no 
inkling of the troubles that it 
would face when it first 
announced plans to launch 
its altcoin. Facebook is 
already mired in 
controversies related to 
privacy issues and the way it 
uses the data collected from 
millions of its users. To make 
things worse, the Facebook-
backed cryptocurrency Libra 
has also started facing 
backlash from multiple 
fronts.
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Regulatory Scrutiny
• The criticism that Facebook-backed cryptocurrency Libra has 
received from countries like France and Germany have made it 
to the top of altcoin news. Both countries have cited the risk 
that Libra poses to the financial sector, which has jeopardized 
Libra’s authority in Europe. The finance ministers of both 
countries had said last month that digital currencies posed a 
threat to not only consumers and financial stability but also the 
monetary sovereignty of European countries.
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Tim Cook’s Opposition to Creation of Currencies 
by Private Groups
• In a recent interview, Tim Cook, the CEO of Apple Inc., 
expressed his disapproval on the idea of the creation of 
currencies by a private group. He said that states should 
continue to remain in charge of the money and not some 
private company. These comments from him hold a great 
significance in a time when the debate around privacy has 
gained massive momentum across the world.
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Troubles With Launch in India
• The Economic Times reported in June 2019 that Libra wouldn’t 
be launched in India. The current regulations in India have 
banned blockchain-based transactions. Also, there are plans to 
make dealing in virtual currencies punishable by a jail term of 
up to 10 years, along with hefty fines.
https://blog.cryptoknowmics.com/
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Conclusion
• With so many impediments cropping up even before its launch, 
Facebook-backed Cryptocurrency Libra has a steep road ahead. 
Whether or not it would be launched at all is still subject to 
speculation. Unlike many others, if you are a Libra-fan, keep an 
eye out on the latest crypto blog to know what might eventually 
become of the coin..
Source
https://blog.cryptoknowmics.com/introduction-to-blockchain-and-cryptocurrency/
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