Big financial institutions with tentacles across the world are seeing Cryptocurrency, especially Bitcoin, as an innovation with promising future. Few days back, the CEO of eBay revealed his mind on the nascent technology.
The eBay chief Devin Wening on CNBC’s “Squawk on the Street” said cryptocurrency and blockchain have great promises and potential of redefining the world entirely.
Speaking on the much-debated Facebook’s Libra and why eBay is co-sponsoring the idea, the financial expert said they are sure that an adequately managed public blockchain like the Facebook’s Libra that is being adopted by marketplaces “could do immense good”.
“We are sponsors of this, in part, because crypto and blockchain in particular have great promise.”
When questioned on whether Facebook’s Libra will work as expected, the CEO of eBay showed optimism saying although the success of the digital currency is still speculative but Libra is “promising, and it’s worth a try”.
In June 2019, Facebook announced it is creating a new digital currency that will not be managed by the social media but by a nonprofit organisation which has numerous financial institutions among others in the list.
The innovation is proudly supported by Spotify, Uber, PayPal, Visa and some other companies. It is expected to launch in 2020.
At the moment, policymakers are still making their findings on whether the cryptocurrency is going to have negative effects on world’s economy or be used as a means of money laundering.
Last week, US congress members drilled the head of Facebook’s Calibra, David Marcus on the nitty-gritty of Facebook Coin. The congressmen posed legitimate questions across to Marcus, making some aver that the head of Facebook’s Calibra does not know much about the digital currency it is building.
According to some congressmen, Facebook is too weak to be entrusted with funds of citizens since it has issues related to trust.
Before the congressmen drilled Marcus, US President Donald Trump has said it has no trust in Bitcoin, Facebook’s Libra or any other digital currencies since they are being used by terrorists, and are excessively volatile, meaning, they cannot serve as a currency.
As we have those who kicked against Facebook’s Libra, some are behind the digital currency and cryptocurrencies in general. The US House Minority Leader Kevin McCarthy, who also doubted the prospect of Facebook’s Libra, said Bitcoin is the game changer.
