The recent news about the launch of Facebook’s cryptocurrency – Libra Coin – created a lot of reactions in the cryptocurrency verse. There have been several reactions since Facebook declared its intent to launch a digital currency project. This became a threat to the long-term digital currency global advancement by institutional adoption. Many believed that Libra Coin would be the new king in the crypto space and it would disrupt the advancement of the top digital currencies in the market such as Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and others.
Facebook has a very strong retail network and large coverage. As such, a lot of analysts believe Facebook’s Libra Coin will crush the majority of coins in the market. Nevertheless, there are many analysts that believe that Facebook’s libra coin will not crush the crypto market. Rather, it would further enhance the adoption of other top digital currencies in the market. While this has been a debate over the past months, a recent report just revealed that Facebook might have to pause with its plan to launch a cryptocurrency project.
Facebook’s Libra Coin May Not Be Hitting the Market Anytime Soon – Cryptocurrency News Today – Crypto News Update
It appears that Facebook might not be able to continue with its plan to launch a digital currency project as a result of the verdict of the lawmakers. Some lawmakers, Democrats of the House Financial Services Committee, advised Facebook to hold on with its plan to create a digital currency-based settlement platform. On Tuesday, the CEO of Facebook – Mark Zuckerberg, – COO Sheryl Sandberg, and David Marcus – the chief of Project Libra – got a letter.
Facebook’s Project Libra is the subject of the letter. The letter expresses the concerns of the lawmakers on the security of the digital asset, need to protect the privacy of users and frustrate hacking plans. The lawmakers asked Facebook and its partners to on a moratorium on the next step about Project Libra.
Digital Currency Institutional Adoption Has Been Slow – Cryptocurrency News Update – Best Cryptocurrency to Invest in 2019
The adoption of digital currencies by institutions has been somewhat slow over the past months. However, it has been a steady process. The digital currency space has seen an influx of several funds, with a significant portion of pension funds which has been invested in liquid digital currencies. Despite the effort to take the institutional adoption of digital currencies to the next level, there are still some setbacks. Some of the factors contributing to the slow adoption of digital currencies by institutional investors are scam, philosophy, user experience, and scalability issues.
Nevertheless, these issues could be handled in the near future. However, the most impending challenge right now would be the intense competition in the digital currency space. Facebook’s Libra Coin would be a strong rivalry in the crypto space, and it would affect the adoption of other digital currencies in the market.
Bitcoin (BTC) Price Today – BTC / USD
At the moment, Bitcoin (BTC) is seen as the major rivalry to Facebook’s Libra coin. Some people believe the new coin would not affect other coins as it would affect Bitcoin (BTC). Bitcoin (BTC) is the world’s largest digital currency by market cap and some analysts believe it is going to be knocked out by Facebook’s Libra Coin.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.