There was a big unveil and a lot of chatter recently about the details of the Facebook cryptocurrency Libra.
Libra will be a cryptocurrency on the Facebook platform that will let you shop and send money with almost zero fees. Sound familiar? Well if you’re in China it does. They already have a similar set up on their social media platform Wechat.
Facebook is already a platform that has billions of users, holding the keys, to our inner thoughts, conversations and even the power to sway elections. Will cryptocurrency be a step too far in world domination of an already huge tech giant.
Well, the load down is Facebook won’t fully control Libra, but instead, get just a single vote in its governance with other founding members of the Libra Association. The other founders who have contributed a chicken change of $10 million dollars each are Visa, Uber and Andreessen Horowitz. The billionaires club of founders will promote the open-sourced Libra Blockchain and sign up businesses to accept Libra for payment. Plus there’ll be other fun add ons like offering customers discounts or rewards.
WeChat Pay has become so popular in China, anyone using actual cash is instantly seen as a tourist. Is this what the rest of the world has come? For more read here.
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