Industry Experts

Teck Chia, a partner at Binance labs, is positive over Facebooks’s entry into virtual currency with Libra

A partner at Binance labs expressed his concerns over Facebook’s Libra project; he said that the project is a step for crypto and increasing public awareness.

He said:

“I think having a company like Facebook, with such tremendous reach and distribution, into all different countries around the world – having them be interested in cryptocurrency and launching one is a very very positive thing for our industry. It brings a ton of awareness to people who have never heard of cryptocurrency.”

In his remarks, he said that they are one of the founders of the Libra project. He also predicted that Binance would be able to work together with Facebook.

Facebook’s Libra project has faced a lot of criticism ranging from concerns on centralization to governments’ suspicions of Facebook’s data use.

After a briefing on the subject, Libra will be the subject of a congressional hearing in July in the United States; the United States is concerned over Libra cryptocurrency to pose a threat to security.

Representative Emanuel Cleaver II at the congressional hearing commented that:

“We’ve seen the significant damage that foreign adversaries and bad actors have wrought on our democracy through Facebook’s platform, and that was simply through messaging and advertising.”

Binance announced in early June that the exchange would stop serving the United States based clients in September although a US-specific platform is reportedly being put together.

The United States House Financial Services Committee chairwomen representative, Maxine Waters, commented on the lack of uniform regulation in the cryptocurrency market. For Waters, regulators should view Facebook’s plans for Libra and be serious about national security and privacy concerns, such as trading risk and cybersecurity risk exposed by cryptocurrencies.

Do you think Facebook’s Libra project will increase public awareness of crypto?

You may also be interested in:

Facebook’s Cryptocurrency Will Launch In 2020

FB’s GlobalCoin Will Be Tied To A Basket Of Currencies

Share the news on;
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

Comments are off this post!