Mark Zuckerberg to fight for Libra before Congress
The course of the crypto revolution has barely reached its peak as big corporations are only now noticing and implementing blockchain technology.
Since its initialization in 2009, cryptocurrency has come a long way in adoption but its potential has hardly surfaced. Many projects are incorporating blockchain technology into their business models to ensure security and transparency on top of speed. All information stored on a blockchain is permanent, transparent and incorruptible. This advanced cloud storage aspect gives the technology great potential apart from revolutionizing the financial sector - businesses creating open-source chains that allow users to track where their products came from; who confirmed the quality and how it was transported; better allowing people to assess their food, medicine and more.
All these possibilities are finally being noticed by big corporations as companies like Microsoft and Apple move to adopt cryptocurrency further. Facebook CEO Mark Zuckerberg is one of the most brilliant minds of our time and one of the richest too, ravishing in the rewards of his forward-thinking approaches. He has not always been a favorite among the masses as Cambridge Analytica saw millions of people having their private information monetized and used for marketing, and potentially voting manipulation. For this reason, people feel it necessary to be cautious when involving themselves in Facebook's Libra. Through MarkNet and Facebook, Mark Zuckerberg has always shown a drive for innovation. His latest project, Libra, finds him facing congress to fight for the freedom to grow.
Zuckerberg on the stand again
After the Cambridge Analytica case, Zuckerberg will stand before Congress about Libra as the key and only witness.
The hearing is a result of all the recent US crypto regulations. Congresswoman Maxine Waters has demanded that Libra's development be paused until lawmakers can address all concerns. Waters has also drafted a bill to keep big tech out of the financial sector, which makes the Mark Zuckerberg-Libra case title even more interesting. Zuckerberg will stand as sole witness at a hearing called "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors". The hearing will take place on October 23rd and has many hoping for the Congress's change of heart. Many have shown a disinterest in the entrepreneurial spirit of Libra but the project is an innovation and is a useful approach considering Zuckerberg's social ranking and influence, driving adoption from both everyday people and businesses. Whether people agree on the project's intent or not, it surely has already shown a great deal of adoption and mainstream media attention. Libra may have the ability to even persuade government officials to take a lighter tone to all using cryptocurrency, but we'll have to wait and see.
What does this mean for Libra?
As far as rumors go, Libra is still set to launch sometime in 2020. The Bank of England recently sent out a set of criteria for the token to meet before it can launch locally, showing the public that it is open to the opportunities offered by cryptocurrency. Even if Libra doesn't follow through, it has given other projects great leeway and understanding of what to do to become licensed. Libra may not be the next best thing but it is paving the way for smaller businesses to have a breakthrough too. Cryptocurrency isn't reliant on Libra though as tokens like Bitcoin and Ethereum continue to grow in value and usability.
Crypto has already revolutionized the financial sector since its start ten years ago, but the potential is endless. Buy, store and learn more about the latest news with Bitvalex, a licensed digital wallet and cryptocurrency exchange.