Banks should be afraid, very afraid of Facebook’s GlobalCoin, cautions Andreas Antonopoulos

2019-6-12 16:00

Although the involvement of tech giants in cryptocurrency seems to be a positive development for the ecosystem, some leaders in the space have also predicted a stiff competition for survival in the not so distant future. Andreas Antonopoulos spoke about the same during one of his Q&A sessions, and discussed the expected disruptions associated with Facebook’s GlobalCoin launch.

Answering one of the viewer’s concerns relating to GlobalCoin overpowering Bitcoin [BTC], Antonopoulos responded,

“I’ve sold all my Bitcoin in order to buy Facebook’s GlobalCoin. No, I’m just kidding.”

Antonopoulos substantiated his belief in it not being a threat to cryptocurrency by stating that coins launched by non-crypto companies such as Facebook lack the fundamental characteristics of cryptocurrency and do not stand on the five pillars (open, public, neutral, borderless and censorship resistant) of the open blockchain. He added,

“Anything that’s created by any centralized organization that is subject to specific laws, cannot achieve any of these five pillars. And the reason they cannot achieve is because the law prevents them from doing so.”

Antonopoulos also highlighted the fact that regulated companies are limited by Office of Foreign Assets Control’s (OFAC) list that prohibits institutions from performing monetary transactions with specific number of people and business entities. Existing laws also require financial bodies to identify the sender’s and receiver’s name and location, which further demands KYC documentation, essentially materializing into a replacement of banks.

Antonopoulos stressed on the fact that Facebook, despite being borderless in terms of social content, is still blocked from access across various jurisdictions across the globe. To clarify further, he said that Facebook’s new coin is comparable to PayPal added,

“They are not a cryptocurrency, they are a bank. So, banks should be really scared of an experienced technology company.”

The post Banks should be afraid, very afraid of Facebook’s GlobalCoin, cautions Andreas Antonopoulos appeared first on AMBCrypto.

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