How Facebook's Libra Scared Governments That It Could Challenge Dollars Supremacy !!

Let's Go Back In Time !!

Whether you follow cryptocurrency or not but you definitely know about Facebook and eventually Libra, it's cryptocurrency. Exactly 1 year ago, during this month Facebook officially announced their plans for Libra and if you remember Bitcoin hitting year to date highs. Well if you did not know about Libra, then it's of course Facebook's cryptocurrency which will be integrated in Facebook platform and will be used by it's millions of users in number of ways like paying for advertising, boosting posts or simply purchasing products on Facebook store. And another important thing to consider is that it's stablecoin.

Another thing Facebook got exposure to the world is after official announcement of Libra, Facebook faced multiple attacks from different regulators and governments to squash the Libra project before it get on the ground. 

Today (16th June) from an published article, David Weild well know as the father of JOBS act revealed that the government acted the way in case of Libra & Facebook is due to the concerned that the Libra could actually challenge the supremacy of US dollar, yes read it right !! US government is concerned that Libra could take over as the world's reserve currency. This is because of mass adoption of currency by billions of normal people as well as millions of businesses, this could change the whole game !!

Are you wondering why government is so scared ? Then take a look at the following chart showing monthly active users on Facebook. 

source : Statista

No-one Can Beat Facebook In Numbers Not Even Governments !!

As you see that Facebook has around 2.5 billion monthly users in first quarter of 2020, whereas the total population of United States is only 300 million and comparing globally there are 7.8 billion people living on the planet. So as I said no-one can beat Facebook in number. Around 1/3rd of the world's population uses Facebook which creates massive user base for Libra. The same fact David Weild said :

" I mean, because of the sheer magnitude of Facebook and the implications of effectively creating a de Novo basket of currencies that could serve as a central bank authority to some degree. I thought it had such profound implications that they had to put brakes on it. They had to get Zuckerberg to come to Washington and start to understand broadly these questions."

Whether you support Libra or not it is important to know ' actual ' facts rather than just listening to the so called news channels. Now I think you've enough knowledge about Libra and I think you've heard the news that the Federal Reserve is soon starting to print well crafted paper blocks, yeah the notes, now it's time to choose who you believe, Facebook charged for privacy breaching or government charged with almost every charge !! 

So this is it for now, hope you found this article helpful. Here I'll leave you with a question, Can you guess why Bitcoin is still not completely banned in United States ?