Facebook’s cryptocurrency proposal meets opposition – Scot Scoop News

The offerings of a decentralized banking system, or cryptocurrency, have been circulating in society ever since Bitcoin was introduced in 2009. 

Others have attempted to create their own cryptocurrencies, including Litecoin and Ethereum. Currently, Facebook hopes to utilize its influence to create a cryptocurrency of its own. In 2017, the company first began to develop Libra and is projected to start operating in 2020. The proposal is pending approval from regulators.

Libra is intended to bridge traditional financial institutions and cryptocurrencies. It optimizes the speed, efficiency, and security of transactions in a way that rivals developed banks and financial services. Libra is designed to be accessible by any individual with a connection to the internet. 

According to the Libra White Paper, “Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

One of the many problems with cryptocurrency is fluctuating…