Facebook’s Libra has been in the top trending news from the time of its announcement on the part of Facebook. The stablecoin, Libra, has spread the fuel across the world and now, different states are planning to issue their cryptocurrencies. Some analysts and economists see it as an attack on the traditional banking system.
Andreas M Antonopoulos, the bitcoin maximalist, passed out very serious comments over Libra during the podcast session Let’s Talk Bitcoin. He seemed very optimistic about the technology underlying the stablecoin. The team behind the project is professional and knows what they are doing per the views of Antonopoulos.
While proposing about the Libra’s features, he said:
They cherrypicked some of the best features of the best cryptocurrencies the state of the art tech that existed out there and they advanced on it a bit.
According to him,
It’s idealistic, progressive, focused and it’s decentralized nature made people consider it.
The crypto community is looking at how they are going to dominate the banks and traditional currencies.
He goes on further how Libra will affect the traditional banking infrastructure and banks will be hit hard by Facebook’s cryptocurrency. The giant company has a hold of two billion users and is aware of the users’ needs and requirements. The stablecoin is designed seeing these parameters.
Libra draws on a basket of currency that is funded directly by consumer activity in the same countries where the government is going to come back and ask them for a loan or try to curtail their activity. This is very serious stuff.
Cold Currency Wars
Antonopoulos expressed his concern for the crypto’s future. There will be a currency war between the regions and states. And cryptocurrencies will be of different types based on the usage level.
We’ve now entered the era of cold currency wars. The world is about to have an iron curtain drop in currencies like we’ve never seen before. We’re going to see a fundamental split between East and West in the evolution of state-based currencies, corporate-based currencies, and open cryptocurrencies.