From Mark’s point of view, Facebook’s cryptocurrency (Libra) is a double-edged sword, saying it sees the potential benefit of using the digital Facebook currency on a large scale, especially in countries with high conversion fees.
He added that this new coin will provide a free and immediate solution to many countries around the world and will bring added value to the industry.
But from another point of view, Mark says that launching them on a large scale will make them face tougher regulation, with particular emphasis on anti-money laundering laws, security breaches, and user privacy enforcement.
He concluded by saying that the Bank of England will pay attention to Facebook’s proposal and will work with stakeholders to look into the matter, stating that the systems will not open the door to the new coin easily.
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view