The launch of Facebook’s own cryptocurrency, Libra and wallet function Calibra, has caused an array of very different views to be expressed in the mass media. Many believe that this will help to reduce international money transfer costs while others suggest the company is simply exploiting its access to potential users. Interestingly, Mark Carney, the governor of the Bank of England, has given a very positive overview of the situation suggesting that competition is good. He also floated the idea of allowing companies such as Facebook, with its forthcoming Libra cryptocurrency, access to deposit facilities with the Bank of England. More.... https://www.bullmarketboard.com/blo...t-to-move-into-financial-services-with-libra/
FB will exploit is customer base in any way it can - however, the idea of a cryptocurrency is genius to me. It ticks all the nerdy trendy boxes
I see that Facebook has been hit with a $5 billion fine which is probably just a drop in the ocean when it comes to money but reputational damage, how can that be calculated? While there are investors who ignore the moral issues and look straight towards business facts and figures, it does look as though Facebook is beginning to lose the confidence of many people.
