In this modern day and time, the world is going all digitalized and technology is moving quickly towards Artificial Intelligence. We must unlearn and relearn to move with the times or else we might be caught left behind in the advancement of the world. With China already introducing the facial recognition scanners in schools and for use by their police, Hauwei already announcing it would soon launch the 5G it is just a matter of time before cars begin to fly. They are already being charged electrically.
So, what is LIBRA then? Before I go into what it is. We all know about Crytocurrency (Bitcoin) and how it was termed the next best thing to normal currency. It was cryptocurrency that was to replace modern currencies of the world, but it seemed the Central banks of the world did not really accept it and it is still trying to gain a foot hold in economies of the world. Now we also know about Mark Zukerberg the Creator and CEO of Facebook, who happens to own Whatsapp and Instagram right? Yes, that man has decided to create a coin of his own with the partnership of a consortium of companies like ebay, facebook, Visa, paypal, payU, Uber, Mastercard, Coinbase, Spotify, stripe, Thrive Capital, Vodafone just to mention a few. Hmm what is the implication of this in the world.
With the Cryptocurrency by Facebook called Libra and the backing of the consortium. It means there could potentially be loss of revenues to government because domiciliary accounts will be bypassed. Even Money transfers like Western Union will be bypassed. All those Bank fees Commercial banks charge importers and all could be a thing of the past. Because an importer can just simply open a cryptocurrency wallet buy libra and boom buy directly from any country of the world. Also, it plans to be affordable and to the reach of the common man. So, money can be sent directly to Nigeria. No Bank visits required. There will now be a whole new market of buyers and sellers of Libra. Buy from the common man and sell to importers that need it. Something like the craze that happened in Nigeria when cryptocurrency just happened.
Libra is pegged to a basket of currencies including Dollar, Euro and Yen. Though it is not a forgone conclusion, but it seems Libra might have gotten it right with all indications. It is time to start planning and put in mind cryptocurrency might just be the next step in the world’s finances. It would be purchased via Whatsapp when it starts. It is going to be ONE OF THE BIGGEST DISRUPTIONS IN PAYMENTS if it flies.
Get ready and be updated this might just be the evolution in payments worldwide. Let us see where it leads.
Source: Twitter and Google.