Facebook released the white paper for its cryptocurrency project. The researchers at Binance research opine that Facebook’s Libra can boost cryptocurrency volume “due to increased accessibility from both institutional players and everyday retail users.” While the researchers have pointed to the huge potential of Libra, they have raised concern that regulators and financial institutions might act as obstacles.
The Minister of the Economy and Finance, Bruno Le Maire said that he would “ask for guarantees” from Facebook to ensure that the stablecoin is not used for unlawful activities. However, the project found some support from Mark Carney, governor of the Bank of England who said that Libra might have genuine use cases if it meets regulatory standards. Johan Tomasson senior analyst at dagx.live has said that the Libra project will share data with the authorities to comply with regulations and for crime prevention.