It seems that not everybody is excited to find out that Facebook is launching their own cryptocurrency and it is probably not so surprising considering their previous data scandals. The French Finance Minister has called upon all the central banks in Europe to look into the social media giant’s new cryptocurrency called Libra. Since their problems in 2018 with Cambridge Analytica, government officials, as well as the public, have been very cautious when it comes to data owned by Facebook.
Facebook had announced its official cryptocurrency today which has been dubbed as Libra. It is designed to be a stable coin that will run on the blockchain secured by over 100 distributed computer servers worldwide, which will allow users to send money to each other for little to zero fees.