Recent senate hearing on Libra cryptocurrency
Here is an interesting question raised during a recent Libra cryptocurrency hearing:
Then we have the following follow up:
Consortium controlled cryptocurrency
When a consortium-based non-sovereign entity that has access to a captive network of several billion users proposes to launch a financial instrument which is a digital asset, the proposal leads to several challenges:
- A regulatory challenge
- The disenfranchisement of existing financial entities like banks, mutual fund investors, etc.
- The rather unnerving possibility of seeing use cases of the technology and digital asset completely unseen earlier.
- The scary proposition of allowing a large consortium to control money supply in international markets when a sufficiently large population agrees to use it as a mode of payment.
Posted from my blog with SteemPress : https://www.cryptonewtech.com/2019/07/31/bitcoin-vs-scoin/