Mark Zuckerberg fights with congress for Libra coin
As cryptocurrency continues to grow in value and adoption, many bigger corporations are only now noticing the benefits of Blockchain technology. With Apple and Microsoft making their own wallets and moves into the space, other businesses also seek to subtly introduce the technology into their ventures. Mark Zuckerberg is one of the few brilliant minds of our time who is trying to take cryptocurrency further with Libra coin. Mark Zuckerberg founded Facebook as a college dropout, but he has always had a profound interest in computers. From the age of nine Mark was recognized as a prodigy and was already experimenting with his out peer-to-peer messaging hoster called MarkNet, a technology greatly used by his family and friends. As Mark Zuckerberg grew in age, his innovative mind grew too. From Havard dropout out to business megamind, Mark Zuckerberg has since bought out Instagram and WhatsApp in addition to owning Facebook. Mark has gone on to become one of the most forward-thinking and better business minds of our generation, showing an active drive in the adoption of technology and the times. His innovation doesn’t stop there though, as Mark Zuckerberg goes on to try to revolutionize cryptocurrency through his approach and implementation of Libra cryptocurrency.
What we know
This isn’t even the first time Mark Zuckerberg has found himself in court, as Cambridge Analytica saw millions of Facebook users having their information stolen and sold. Although Mark may not be a favorite in the space of technology anymore, due to restrictions and bans, there is no denying his crucial rule and success in creating one of the biggest industries ever. But now that Mark Zuckerberg has evolved social media so much, he’s shifting his focus to a new sector of revolution to monopolize. The Libra cryptocurrency will work as a conglomerate, with a variety of big companies such as Uber, Lyft, Vodafone and Spotify joining in on the evolution to ‘Blockchain-based’. As the SEC, IRS and US regulation draw tighter and closer, Mark Zuckerberg was specifically called out by Maxine Waters and asked to “keep big tech out of finance” about Facebook and Libra coin. The Libra cryptocurrency is now being calling into congress to elaborate and convince the court of the high potential and lack of corruption enforced by Blockchain technology. This comes days after the US released a tax review, listing crypto under capital gains. We may not be Mark Zuckerberg maniacs but we can only hope that he better helps governments understand the true and pure intent of Blockchain technology, as well as different ways it could be used, this would be an incredible stepping stone for the space. The court case is due to be held on October 23rd, 2019 and Mark Zuckerberg will be the sole witness to a case titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”
What does this mean for Libra coin?
Aside from a chance to prove itself to congress and the crypto community, the Libra cryptocurrency has already gained a lot of attention from the mainstream, this meeting could add more to the list of people interested in cryptocurrency and/ or seeing Mark fail. All jokes aside, the basic concept of the libra cryptocurrency is very inventive but it may not hold out as Facebook’s privacy settings clearly didn’t, many in the community have expressed a great disinterest in the project and the person founding it. As tension tightens, we see many of the industry leaders dropping out of the Libra Association with eBay, PayPal, and Visa making public statements about their departures.
These sudden drops may be due to the SEC; sole plans of a company based cryptocurrency; or a lack of trust, but either way, we’ll only know where the Libra cryptocurrency can go once congress reviews. Until the final verdict is out, stay updated on everything cryptocurrency by following the lower link, learn more about your future