Facebook’s Libra has been under speculation since it was announced and was rapidly in the spotlight. Some people are very positive about what the start of Libra could mean for the financial sector. However, some people have doubts about Facebook’s Libra or aren’t fans; case in point, President Donald Trump. Check out one of our previous articles.
Mark Cuban Thinks Facebook’s Libra is a bad idea
President Donald Trump had just tweeted that he ‘is not a fan’ of Facebook’s Libra when a day after Shark Tank star and well know investor Mark Cuban joined the journey. Mark Cuban told CNBC in an interview that he is not a big fan of Facebook’s Libra and what they are doing with it; he exposed how he thinks it a significant error.
Billionaire Mr. Cuban believes that the Launch of Facebook Libra will have more of a negative effect globally because of geopolitical policy dissents. According to Mark, African countries are more at risk with Facebook’s Libra due to; the lesser rule of law as compared to other countries, currency, and state instability. Mark Cuban believes that the real issue will begin when certain African countries realize how upset they are for not being able to control their coin.
African countries are in danger with Facebook’s Libra – According to Mark Cuban
The well-known financing guru claims that he doesn’t hate cryptocurrency nor its spread nature. However, he believes that the aspect of a lack of central control got hyped up a little too much; there will always be some power-driven externally due to various forks as well as control problems and positive changes.
How do I get the Facebook Libra coin?
2020 is the year; everybody will have the chance to purchase Libra through all Libra wallet apps. From some local grocery and convenience stores and even using your mobile. Using your local currency no matter which one it is, and receive almost the equal amount in Libra coins, which are expressed using this wavy three-line emoji instead of the $ symbol.
Mark expressed his views further;
Facebook is a very high platform with more than 2.2 Billion users global, and this is where the problem is. Having access to a worldwide society gives them a chance to go into less stable countries and make a much more vital impact than they would in the USA. Facebook has the financial resources, power, and leverage to inject Libra into the region of Africa and impact African countries that are striving with currency stability and state stability. However, are they negatively or positively affecting these vulnerable countries?
Mark Cuban, believes that the issues that Facebook’s Libra will cause in some African countries will lead to unwanted deaths. Because affecting a despot’s currency handling opportunities as well as threatening their control and taxation capabilities, then despots will probably ‘handle the situation, and as a result, people will die.
However, if Facebook’s Libra wants to get executed in other places, such as; Western Europe, the United States of America, and Canada, that would be fairer. We would be able to see how it works and how it would impact countries that are not as stable. I mean, at least these countries can take whatever comes and the impact, if any, will be minuscule.
So there we have it; some big names seem to be against Facebook’s Libra, President Donald Trump and now Billionaire Mark Cuban. Are they just warned by how successful Libra might be, or are they concerned? Who knows? All I know is since the announcement of Facebook’s Libra, there has been a massive adoption of Cryptocurrency as a whole, and things seem to be going in the right direction for the cryptocurrency world.