The banking industry is holding on for dear life. Facebook's announcement of the Libra sent shockwaves throughout the banking sector. There is now a bill in the U.S. Congress to ban technology companies from creating their own digital currency.
This would be a major win for cryptocurrency. The banks are done, it is just a matter if it happens quickly or slowly. Libra is the immediate threat because it can achieve adoption quickly. However, cryptocurrency is the real threat in the long term since the benefits outweigh dealing with the hassles of the banks.
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