Professor Antonopoulos spoke about the impact Libra would have on the banking ecosystem and the interest it aroused among people. Keep reading about Libra From Facebook.
Andreas Antonopoulos, renowned professor at the University of Nicosia and renowned evangelist of the Bitcoin ecosystem, shared some reflections about Facebook’s Libra. Assuring that this currency will generate a strong impact on the banking ecosystem as we know it.
In this regard, in the last edition of the podcast “Let’s Talk Bitcoin”. Antonopoulos said that Libra is currently doing very well in terms of the development of its technology, since the people responsible for the project manage information and knowledge about the ecosystem of digital currencies and Blockchain.
In this regard, Antonopoulos said:
They selected some of the best features present among the most popular crypto coins, the most advanced technology that existed, and took it all to the next level.
Andreas Antonopoulos
Libra From Facebook
But most importantly, according to Antonopoulos. Libra aroused people’s curiosity about the digital coin ecosystem. So, now people are doing more research on these assets and are more sensitive to the ideals of this technology and its decentralized nature.
Libra will strongly impact the banking ecosystem
Addressing the dispute between Libra’s proposal and what the banking ecosystem offers. Antonopoulos stressed that central banks would be strongly affected by Facebook’s plans, moreover because the social network has access to more than 2 billion users. Also they handle data on their search patterns, identifying the needs they should target.
Further elaborating on this idea, Antonopoulos said:
Libra is backed by a basket of foreign currency that is directly financed by consumer activities in the very countries where it operates. It could borrow from the governments of those countries or it could commit to reducing its activity. This could have very serious repercussions.
Andreas Antonopoulos
For his part, referring to Libra and the release of the new digital yuan in China. Antonopoulos said that the crypto-money would most likely not be released in that country. However, one would have to see the traction it could have among the people who are part of the un-banked sector.
Finally, Antonopoulos said:
We are now in the era of the cold war of currencies. An iron curtain is about to fall on currencies in the world… We will see a division between East and West in the evolution of state currencies, corporate currencies and decentralized cryptocurrencies.
Andreas Antonopoulos
