It is a hugely ambitious - some might say megalomaniacal - project to create a new global currency. Facebook's David Marcus says it is about giving billions of people more freedom with money and "righting the many wrongs of the present system".
Facebook insists that Facecoin - sorry, Libra - will have all the benefits of Bitcoin without the downside. It will be "global and instantaneous" like the original cryptocurrency but also secure and stable. And because it does not rely on mining , it will not have a major environmental impact.
The message is this is not some little side project a small team at the Facebook's Menlo Park headquarters will try out for a few months before moving on to something else - this is both the future of Facebook & the future of money, an initiative that has seen an alliance of big players in payments such as Paypal & Visa, Silicon Valley players such as Uber & Lyft and major venture capital firms, a kind of Avengers: Endgame of technology & finance superheroes come together to make the world a better place.
Facebook has data on billions of people and has repeatedly shown a disregard for the protection & careful use of this data, which made many question its move into a new digital global currency. Its answer was simple: "You may not trust us, is Facebook's pitch, but you should trust Visa, Paypal, Uber & the rest."
Cash isn’t dead just yet, but it certainly is no longer king. Regardless of how cash affects you now, all signs point to a cashless future. New virtual transaction companies & services like Square, Apple Pay, Google Wallet, Venmo, Paypal, Bitcoin, other cryptocurrencies & now Facebook's Libra are paving the way for this uniquely disruptive transition.
Its obvious Governments don't like this!!
Welcome to the wonderful world of complexities in the 4th Industrial revolution (IR 4.0)
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