Libra has not moved yet, but under control

After Facebook once again confirmed that it is getting closer entering your cryptocurrencyshe went under the magnifying glass of America Federal Reserve. The FED is concerned about the potentially large scale of the phenomenon and announces rigorous controls and strict regulations.

"Our expectations - from a consumer protection point of view as well as from an existing regulatory point of view - will be very, very strict," stressed FED Chairman Jerome Powell. "Libra is a new solution, which we are already looking at very carefully" - he added during a speech in New York.

LibraCoin under wide control

The head of the Fed also added that the regulations concerning Libra will have to be introduced by many countries, not only by the USA. The new cryptocurrency was also censored British FCA and the President of the Bank of England, Mark Carney. Everything indicates that Libra will have a much more difficult path than its predecessors. Especially that it is to be much easier to access. Also by basic Facebook applications, such as messenger or WhatsApp.

"Libra's mission is to create a simple global financial infrastructure for people from around the world. The project is powered by blockchain technology and its launch is planned for 2020 a year. The ability to use mobile payments can have a significant, positive impact on people's lives, because you do not always have to bring cash (...). This is especially important for people who do not have access to traditional banks or financial services. There are currently around one billion people who do not have a bank account, but have a mobile phone. We strive to make it easy for everyone to send and receive money, just like you use our applications to instantly share messages and photos. " - Mark Zuckerberg, founder of Facebook wrote in his post.

Giants are working on LibraCoin

The LibraCoin works not only on Facebook. It is a joint project of technology giants. The consortium includes: Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber. The list is not closed and it is hardly surprising, because the potential of the cake to divide is huge.

The system will of course be based on blockchain technology. Cryptocurrency transmissions are to be free, very easy and possible for almost any application. The real date of introducing Libra into force is 2020 year.