The Libra Project: A Timely Wake-Up Call? | CFA Institute Enterprising Investor

While I have yet to deep dive into researching what Libra will ultimately be and how it could impact my view of cryptocurrencies and blockchain technology, I ran into this quick blog post at the CFA Institute web site which intrigued me. Having an institution like the CFA Institute discussing this among their professionals demonstrates how far the asset class has gone in getting attention from those that could potentially be an important part of its development and adoption. We increasingly here of institutions allocating capital into the asset class and the thoughts surrounding the potential of the Libra could be a reason for it.

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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