The European Central Bank is worried that Facebook's Libra could offer an alternative financial system to existing ones and as a result, sabotage their monetary policy. They say it is a wake-up call for regulators.
Calibra has little to do with the ideals behind blockchain. The digital wallet is more like a traditional bank account. Facebook wants to be not only the world’s biggest social media platform but also the globe’s go-to marketplace.
Facebook either has a huge amount of work to do to adapt its new digital currency, Libra, to fit the problem it is trying to address better. Alternatively, it needs to redefine the problem that it is trying to fix.
Many people in the western world have come out in criticism of Facebook's newly launched digital currency, Libra. However, they need to realize it is not targeted at them, but for people in developing countries.
There is a very real need for a better financial system in developing economies. Cryptocurrencies (and in particular coins pegged to real-world currencies or assets like Facebook's Libra) would play a key role in impacting this.