The Libra Project: A Timely Wake-Up Call? | CFA Institute Enterprising Investor
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While technology has evolved and disrupted many industries and sectors around the world, the monetary system has not really been a big factor other than its regulation and reporting. This is mainly due to what I believe is a monopolistic approach in each currency and financial system to control their flows of capital. However, does this dated approach have a future or will it need to evolve towards a more digital landscape? The article definitely presents arguments that supports what I believe to be the inevitable adoption of cryptocurrencies and blockchain technology in our financial systems.
While we cannot expect for this change to occur immediately, I believe that hybrid systems like the potential Libra blockchain will lead to further adoption and use of the asset class. The fact that a large part of the global population remains unbanked despite the reach of the internet continuing its expansion is a great example of how the enablers of technology will help in the process. "Payments, especially across borders, can be costly, inefficient, and slow." There is also no incentive for the traditional financial institutions to change this as they are precisely the intermediaries that benefit from the current processes.
"The message is clear: As far as the monetary system is concerned, we do not live in the best of all possible worlds. Far from it."
This will lead to further disruption in development of money itself as the need to serve humanity will drive it. The hiding behind regulation will no longer be an option for institutions as they will need to adapt or fail in the long term. I think we have already begun to see this as institutions are clearly seeing a path where blockchain technology improves their businesses. So while Libra itself may not be the solutions, it will be an instigator of evolution and adoption over time.
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Libra will change the world of thinking across many industries and communities!
It may take time, but it will be tought to stop.
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I definitely agree that Libra will have an impact of the monetary system, how people perceive and interact with money and on the concept of cryptocurrencies in general. I find the Libra project to be interesting. It will be neat to see how it progresses over time and how it impacts crypto and our world. We will see
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I don’t mind a long adoption curve as it will give time for many around the world to figure it out at their own pace.
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Libra will def instigate and improve the whole crypto market, having a "trusted" world company using cryptocurrencies will bring more attention to the masses and hopefully more knowledge, these new masses will look to the other cryptocurrencies because curiosity is something that all humans are born with, after they look into the other cryptos they will have a perfect "fiat on ramp" way to buy them... with Libra.
I don't consider Libra a true crypto but it's something that will def improve the market in my honest opinion, let's wait and see, I'm scared at the same time because I've read somewhere that they will allow smart contracts, I don't really want Facebook to have more power than they currently do 😕 😕
The fact that they are using blockchain is making it more legitimate as a proven concept! This will help the advancement of crypto over time.
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