Libra is poised to transform how people transact with each other, on a daily basis and across the planet.
For most of 2019, Facebook’s Libra project dominated the headlines in the cryptocurrency world. While it may seem like just another project by a tech giant, Libra promises to have major implications at the global level.
This is the first time a technology company like Facebook has entered the financial sector. We’re talking about a field that hasn’t really evolved in the last 20 years, has had no real competition, and has been dominated by big banks for decades. Also, Facebook has the resources, know-how, and the political muscle to succeed. Understandably, therefore, the announcement of the Libra project by Facebook has left everyone worried.
The aim of this guide is to provide an educated guess about the potential effect of the Libra project on the global payments ecosystem.