2019-6-21 21:43 |
The Binance Report on Libra cryptocurrency of Facebook, published the day before, leaves a dual impression (see our review, part 1). On the one hand, the report emphasizes the numerous advantages of the new cryptocurrency and draws its great prospects. It looks like Binance is looking for partnerships with Libra Association. But on the other hand, the prospects of Libra are presented so powerfully that it could not help but alert the financial magnates of the fiat world. It is possible that this report, along with other information, pushed the US Congress to ban the development of Project Libra.
Long live the world financial revolution!Libra is perceived as a very strong project in the short term and in the medium term, but in the long term, Facebook cryptocurrency is an unconditional revolutionary and winner of the financial world. So says Binance and confirms this in its report, as for long term. Several global changes go at once, each of which alone can significantly change the financial market.
Libra changes the landscape of the payment industry, becomes a legislator in mobile payments and eliminates banks from this sphere. Increases the set of financial services as kind of DeFi (Decentralized finance). New decentralized financial services will increase the competition of cryptoassets, lower entry barriers, attract new end users. Provides greater freedom to move and protect capital, creating a new safe haven, eliminating the possibility for central banks to build monetary policies based on capital restrictions. And finally, de-dollarization of the world. The new currency is much more convenient for global trading than US dollar. According to Binance, Libra will become a living and successful embodiment of the concept of SDR (“Special Drawing Rights”) of the International Monetary Fund (IMF), a stillborn world currency known from 1969. Perhaps for this, Libra will have to slightly change the basket of currencies (by adding the yuan).These changes are enough to bankers sounded the alarm and went to war against Libra. And Binance brings several cases that Libra can do. For example, the ability to raise capital for a business in a neutral currency; mitigation of disputes in international arbitration – etc.
Binance also cautiously hints that Libra will force out Bitcoin, unless Bitcoin is included in the Libra currency basket. But in general, it is Libra that is able to combine cryptoassets and off-line economy.
Instead of a resumeConclusion in Binance report sounds like fanfare:
– Facebook’s initiative, with the Libra cryptocurrency at the center of the project, will have a significant impact on the financial industry and global economies from both a medium and long-term perspective. Backed by a basket of fiat currency-denominated assets in its initial release, Libra represents a first attempt at creating a world currency, on-chain or not, with everyday usage by billions of individuals and institutions across the globe.
Binance points out the inevitable problems from the side of regulators, and also points out the importance of full creating an alliance of partners (Libra Association) for the success of the project – perhaps referring itself. After all, today only 27 partners out of 100 have been announced. There are also other questions – about access to Libra without Internet; independence from Facebook; prioritizing human transactions over machine smartcontracts, etc. But all this – little things. In general – a revolution!
But not everyone is happy when a revolution happens. Financial tycoons are certainly not happy. And the question is – wasn’t it the point of publishing the Binance report on Libra? So that the powerful forces of the fiat financial world rebel against Libra and crush the project. Libra is a direct competitor to Binance Coin, after all.
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