RATE Group | Facebook’s Libra Has Changed. But It Still Might Be a Win for Bitcoin
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Facebook’s Libra Has Changed. But It Still Might Be a Win for Bitcoin

25 Apr Facebook’s Libra Has Changed. But It Still Might Be a Win for Bitcoin

Posted at 12:19h in Bitcoin News by

Facebook’s Libra Has Changed. But It Still Might Be a Win for Bitcoin 101
Source: Adobe/Wit

Facebook’s Libra has changed. Having been roundly criticized after its unveiling in June 2019, it has now updated its white paper in a bid to placate regulators and governments.

Most notably, the new look Libra gets rid of any intention to move to a permissionless ledger. It also introduces a range of stablecoins pegged to single national fiat currencies, in addition to the multi-pegged Libra stablecoin itself.

But while this will likely soften the stance of regulators, how will it affect cryptoassets and the wider blockchain industry? Well, the picture here is mixed, because even though Libra might help crypto adoption, initially, it still might be a major competitor too decentralized cryptoassets such as Bitcoin (BTC) and Ethereum (ETH) and might also harden the stance of governments towards these assets.

(In)direct competition

Unveiled last June, Facebook originally intended Libra to be backed by a mix of currencies and also government debt. However,…

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