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.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

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.

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

EagleFx Services Review

Headquartered at the Commonwealth of Dominica, Eaglefx was formed in 2019 with a vision to ease trading for its customers and give...

Coinmerce Registered at the Dutch Central Bank

Coinmerce can proudly announce that we have been added to the crypto register of the Dutch central bank on November 9th, 2020. Of...

Binance as the Leader of Spot and Derivatives

Binance has again surpassed its competitors in terms of spot tradingBinance achieved a volume of $164.8 billion from only the derivatives market

Dash Trading in Critical Support Area Unable to Regain its Positive Momentum

Dash is still trading negative after breaking below the major support level of $65.00 and unable to revive its positive momentum The DASH/BTC...

Tezos Remains Negative after the Breaks Below Crucial Price Level of $2.00

Tezos was unable to regain its positive momentum besides the overall market conditions turning green on Wednesday’s trading sessionThe XTZ/BTC pair is...

NEM New Currency “Image” Select in Began, Correspondence Rundown and Safeguard for Each Trade

The NEM Group set up an established  board of trustees consisting of the NEM Foundation.NEMTUS is an NPO organization that was set...

Related News

Paypal to start Crypto Service: CEO Discloses Expanded Limits, Venmo Rollout, and Expansion Plans

The organization is presently rolling out crypto usefulness to U.S. clients, after which it will dispatch the administration globally and on the...

Virtual Currencies can be Considered as Trade Fund- Iran’s Central Bank

Iranian Government is suffering from a shortage of foreign currency and so planning to promote imports by giving permission to use virtual...

Jeremy Allaire, Co-Founder & CEO Circle Keen on using PayPal to Buy Bitcoin

PayPal announced that both direct payment and in-app purchase of cryptocurrencies would officially launch by next year on their platformThere is no...

Peru Starts taking Cryptocurrencies Regulation Seriously

The bitcoins' waving prices and the resistance put up by the Peru Government resulted in bitcoins and other cryptocurrencies took a huge...

CoinMetrics Partners with KPMG to Create Plan for Crypto Adoption

Two products will get integrated with KPMG’s product Chain FusionFarum will represent an unprecedented step towards custodians and exchanges