Last month, Facebook announced plans to launch its own cryptocurrency called Libra.
Understandably, news that the world’s largest social media platform (in partnership with 27 corporate giants) intend to enter the crypto space caused a flurry of excitement amongst investors.
But in recent weeks, we’ve seen regulators start to scrutinise the plans to launch Libra.
What Are Regulators Worried About?
Earlier this week, the US House Financial Services Committee quizzed Facebook’s Blockchain lead – David Marcus – about regulatory oversight, including:
- What is Libra’s legal classification and should it be subject to SEC regulation?
- Who or what will regulate Libra?
- Does Facebook intend to move into banking?
The answers from Facebook, despite pledging to work closely with global governments and regulators before launching Libra, were non-committal. In fact, Marcus suggested that Libra should be viewed as payment tool or commodity – and should not fall under the SEC umbrella.
But why is there this scepticism? Well, regulators and central banks are clearly anxious about the impact of Libra – which falls outside of traditional regulators jurisdiction – being adopted as a mass means of payment.
Clearly, if Libra does become a mass means of payment, it has the potential to disrupt the monetary structures of established economies.
Cryptos Are Hot: Get In Now
Personally, I believe Facebook is entirely committed to its Libra project. It’s key to its future business model in social advertising. What’s more, I don’t think scepticism from regulators is likely to derail their ambition.
In a broader sense, cryptocurrencies are absolutely here to stay. In addition, I’m certain that the Blockchain ecosystem is likely to flourish in the next few years.
It’s this conviction that persuaded the IFINA team to launch its very own Crypto Fund Platform (something we are in the process of doing).
Remember – this gives managers a low cost all-inclusive crypto fund solution for just $12,000 USD.
But you can actually get started for just $9,750 USD. This discounted price is available to the first five clients who sign-up.
If you’re interested, just get in touch and member of the IFINA team will make contact with you.
Want to claim this Crypto Fund Platform discount? We should have a Skype call. Just email me back and we can book a time that’s convenient to you.