Home Cryptocurrency Central Banks Still Concerned Over Libra Even Though Its Continuing Downfall

Central Banks Still Concerned Over Libra Even Though Its Continuing Downfall

  • Facebook revealed its digital currency, Libra, in 2019  with a council of 28 organizations announced.
  • when the committee came into formal existence, the number of organizations dropped to 21.

When Facebook revealed its digital currency, Libra, in 2019, a council of 28 organizations announced. However, when the committee came into formal existence, the number of organizations dropped to 21. Over the past year, that number has continued to reduce, and the latest company to exit the council is Vodafone.

If anyone has a grudge against Facebook, then they might consider it to be a piece of good news. However, it puts additional pressure on the current members of the Libra association even though the governance system at Libra designed to handle entry and exits of this sort.

A survey conducted by the inhabitants of the fintech, venture capital, and digital assets space, most people are skeptical about the launch of Libra in 2020. A lot of people already consider Libra to be dead, and their number is growing. However, central banks still need to be prepared to handle Libra if it somehow manages to survive.

When Vodafone left the Libra Association, the Bank of International Settlements, aka the “central bank of central banks,” presented a multinational working group made up of the central banks of Canada, Japan, England, Switzerland, Sweden, and the European Central Bank. This group is working on releasing its very own central bank digital currencies (CBDCs).

Libra cannot be effectively regulated or isolated by a particular country. As fighting money laundering is an international affair, proper handling of coins such as Libra is necessary.

Ba Shushong, who is the chief China economist for the Hong Kong stock exchange, said that one needs to improve the framework for financial technology, and cooperation on a global scale is necessary to put a proper structure in place.

This need for the framework is utterly essential, or else other currencies would blindside central banks as Libra did.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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