On June 18th Facebook announced that a new cryptocurrency will be issued by them and managed by a team of big companies in 2020. Libra is the name of this new currency.
For what we know by now, this currency, even if using a blockchain to run, has nothing to share with Bitcoin. Infact Libra is fully centralized under very big companies’ association, which then may become something similar to FED or BCE.
Please note, instead, that bitcoin is decentralized, neutral, censorship-resistant, transnational, with no middleman and it is under control of no one. So while Bitcoin represents the freedom in storing value, this new currency (Libra) is just something which wants to replace banks and local currencies as way to transact, creating new kind of economical power.
It’s very likely that countries and central banks will do all they can to regulate this project and to impose the same constraints that we usually see in banks and in standard currencies.
Yes countries currency must be worried. But bitcoin’s generated freedom has nothing to worry about.
