The Fall of Facebook's Libra: Examining the Reasons Behind Its Failure to Launch

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Facebook's proposed cryptocurrency, Libra, has faced significant pushback from politicians and big companies since its announcement in June 2019. Here are a few reasons why:

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Regulatory concerns: Libra's decentralized nature and global reach have raised concerns about money laundering and illegal activities being conducted on the platform. Many politicians have called for stricter regulations on Libra and other cryptocurrencies to prevent such activities.

Privacy concerns: Facebook's history with user data privacy has made many people skeptical about the company's ability to protect user's financial information on its new platform. There are also concerns about how Facebook will use the data it collects through Libra transactions.

Competition with government-issued currencies: Some politicians and government officials view Libra as a threat to the stability of government-issued currencies. They fear that if Libra becomes widely adopted, it could erode the power of central banks and governments to control monetary policy.

Impact on financial institutions: Big companies in the finance sector have also spoken out against Libra, as they see it as a threat to their business models. They fear that Libra could displace traditional financial institutions and reduce their profits.

Undeveloped technology: Libra's blockchain technology is not yet fully developed, and many people have raised concerns about its scalability and security. This has led to skepticism about whether Libra will be able to handle the demands of a global currency.

Overall, Libra has faced significant opposition from politicians and big companies due to regulatory concerns, privacy concerns, competition with government-issued currencies, and impact on financial institutions. Additionally, the technology is not yet fully developed, which has also raised doubts about its feasibility.

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