Could Facebook's Crypto Plans Trigger an Antitrust Probe? [The Motley Fool]
Meta Platforms, Inc. - Class A (FB)
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Source: The Motley Fool
Could Facebook's Crypto Plans Trigger an Antitrust Probe? Facebook ( NASDAQ:FB Visa Mastercard PayPal Uber Lyft Spotify Facebook won't control the consortium, which could have as many as 00 members. Instead, it will be led by a nonprofit association in which all members will have an equal vote. The value of the Libra will be pinned to stable fiat currencies to reduce market volatility and speculation -- two key issues that have hindered the wider adoption of cryptocurrencies as mediums with which to make ordinary payments. It plans to launch Libra in the first half of 00. Image source: Getty Images. The consortium believes that making Libra a "global cryptocurrency" could solve payment issues for the .7 billion people worldwide who lack bank accounts. It also believes that Libra payments will be faster and cheaper than bank-to-bank fund transfers. Facebook won't profit directly from the development of Libra, but it launched a new subsidiary, Calibra, to represent it in the consortium
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