Libra, the upcoming digital currency backed by Facebook has been attacked recently by US lawmakers and other nations ranging from China to Russia But a prominent UK CEO sees things differently and according to him, Libra is a very positive thing.
Last week, the US Congress said Libra was a threat to privacy, the banking system and national security.
However, the British Finance Minister Philip Hammond said the British government will “engage” with Libra. This has also seen a prominent UK CEO, Rune Sovndahl, embrace the concept, saying he’s lost faith in Government-issued currency and that Libra is a very positive.
Mr Sovndahl, the co-founder of a multi-million-pound cleaning and maintenance firm Fantastic Services, said: “Facebook coming into the market is very exciting, in so many ways”.
He went further to give his opinion on why Facebook’s coin will change the way people and companies have perceived Bitcoin in the past.
“But the minute a big company like Facebook sits at the top of the pyramid it then becomes something else entirely. Now that you know it’s Mark Zuckerberg behind a cryptocurrency, it changes everything as we know it.
“Facebook will have to play things extremely safe, which means the currency will hold a real transactional value, and it will float on an international scale.
He also talked about how the British pound is weak and the choice business leaders will have to make after Libra gets launched.
“Business leaders need to ask themselves this – Where would you rather have your money right now? In Facebook’s Libra or in weakened British pounds?
Mr Sovndahl’s firm Fantastic Services connects customers with cleaners, handymen, removals professionals and pest controllers via an app. A company that also has bases in Melbourne and Sydney, Australia with more than 15,000 clients in the UK alone.
He sees a future where payments for these services are done on a peer-to-peer basis using Libra.
A new survey recently indicated that many cryptocurrency investors (17%) will trust Facebook with their money over banks. The survey also showed that while 58% of internet users have heard of Bitcoin, 16% have heard of Libra while just 12% have heard of Ethereum, making Libra more popular than Ethereum, the second-largest cryptocurrency in terms of market cap.
President Trump, however, has recently experienced his opinion the Libra project saying it will have to be regulated just like banks if the project pushes forward with its launch.
While according to UK Chancellor Philip Hammond, the UK Government would not seek to block Libra, vowing to ‘engage’ with the cryptocurrency.
He said that should Libra be regulated properly, it could be ‘a very positive thing’.
“We’re not going to turn our back to it or try to stop it. We’re going to engage with it and try to work with others to ensure that it is effectively regulated.”
Is Libra is a very positive as this CEO suggests, time shall tell.
You may also be interested in;