This post references an article originally published by the Financial Times on August 21, 2019.
Since its announcement earlier this year, Facebook’s Libra has been subject to skepticism—a fact that has not changed despite public support by major companies. Most recently, the currency has faced scrutiny by EU antitrust regulators, who have set out to investigate the Libra project. The Financial Times reports the EU seeks to investigate “potential anti-competitive behavior” relating to the use of consumer data and “possible competition restrictions”. Since Libra’s conception, Facebook has assured the currency does not seek to shut out rival crypto-currencies or financial institutions, but rather work with them.
Blades International previously outlined the benefits and drawbacks of a cryptocurrency like Libra disrupting the market. As The Libra Project continues to move forward, we are reminded of the importance of transparency and awareness in cross border payments.
Read the full story on the Financial Times.
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-Paola Gasca, Analyst