Since the presentation of its Whitepaper on June 18, 2019, Libra, the cryptocurrency of the corporate giant Facebook, has been involved in controversies of all kinds. From the scandal over the distribution of data without authorization from Facebook users to fraudulent profiles of Libra and Calibra, Mark Zuckerberg has taken the reins of the most notable development in the financial ecosystem, with the support of 27 financial giants of all levels such as Visa, eBay, Mastercard, PayPal, Uber, among others. So much so, that some experts seem to agree that the financial system as we know it today will soon take a turn towards the digital economy.
Calibra, the platform on which Libra will operate, will be in addition to the company responsible for providing basic financial services independent of Facebook, the digital portfolio available for WhatsApp, Facebook Messenger, and as an independent application on IOS and Android, through which people can transfer the Libra cryptocurrency to anyone in the world who has a smartphone, easily, just by sending a message, and at no cost, according to what the Whitepaper says.
This announcement has shaken the financial world because Libra offers transactions between individuals, being able to buy in stores and will be integrated into services such as WhatsApp or Facebook Messenger, making it possible for anyone anywhere in the world to send and receive money as easy as sending a photo. Thanks to its support will be a much more stable cryptocurrency in terms of price.
But what today is only a possibly executable project by mid-2020, is a matter of concern for many. Facebook has more than 2 billion users who will be exposed to something called cryptocurrency and the digital economy, but the growing complaints on violation of user privacy and monetary fraud through the platform make many consider the implementation of the Libra project a global financial risk.
Since its announcement dozens of profiles have been created on Twitter, YouTube, Instagram and even on Facebook that have managed to fraudulently simulate the official account of the Libra project, according to a report published by the Washington post, causing misinformation and trying to defraud thousands of users with fake offers and even discounts on the cryptocurrency that doesn't even have a release date.
Facebook has commented that they have been eliminating these fake accounts as they have realized, however, new accounts continue to appear every day, which calls into question Facebook's ability to control any type of fraud on its platform, according to them all the technological capacity necessary to shield your system. The possible spread of these false profiles would affirm the regulators' premise about Facebook's inability to offer a secure and reliable financial system, which would undermine the trust already committed in Libra, increasing the obstacles to a world-wide project.
Some experts have expressed concern about Facebook's security systems in managing their platform, which has resulted in a new wave of discrediting the Libra project. The important thing so far is that Libra is not being marketed at any level, so we recommend searching only official sources of information and being aware of the announcements made by the authorized leaders of the project. We will see in the period until its official launch if Libra has the security that users need in a global marketing currency.
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