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Antonopoulos: Libra is nothing to worry about for BTC

Antonopoulos: Libra is nothing to worry about for BTC
  • Facebook‘s upcoming cryptocurrency has been the talk of the town for over a year now. 
  • Recently, the project has changed its ways and is going to be linked to individual national currencies. 
  • With this new move, Libra plans to win over lawmakers deciding its future.

Whether you love it or hate it, Facebook‘s upcoming cryptocurrency has been the talk of the town for over a year now. Recently, the project has changed its ways and is going to be linked to individual national currencies which will be overseen by worldwide watchdogs. With this new move, Libra plans to win over lawmakers deciding its future.

Initially, Facebook's upcoming stablecoin started conversations over the central bank digital currency last year. Many central banks all over the world have slowly been growing on the idea of releasing its own cryptocurrency as they are sometimes seen as a way to fight real digital assets such as bitcoin. Central-bank do you sell closes are (as you may be able to sell) are controlled by central banks whereas Facebook is stablecoin would be under the control of the corporate body. The thing that concerns many enthusiasts of bitcoin about the Libra currency is that people may choose that over bitcoin itself.

One well-known bitcoin bull, Andreas Antonopoulos has spoken on the subject before saying that developments in both Libra and central-bank currencies are not at all relevant to bitcoin. He further said the following:

“All of those systems[Libra, CBDC, and other new technologies] lack the fundamental components that make Bitcoin interesting and different. Bitcoin is revolutionary, immutable, public collaborative, and decentralized.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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