Libra Plus? A New Global Digital Currency Strategy For Facebook

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 5 March 2020

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Yesterday, The Information reported that Facebook’s Calibra wallet would be abandoning the backed-by-a-basket-of-currencies Libra for a set of fiat-backed digital currencies for different regions. The company quickly amended that while they would be launching those fiat-based digital currencies, they weren’t abandoning Libra. In this episode, @NLW argues that these fiat digital currencies could be more readily adopted initially than Libra among Facebook’s existing user base. Also on this episode, huge news out of India, as the Supreme Court reverses a decision by the Reserve Bank of India from 2018 to ban crypto banking. The move could breath life into an industry which has largely shuttered in India since the initial ban. Finally, a news roundup including a lawsuit against Twitter around deplatforming and a new router from HTC that can also run a bitcoin full node.

Transcript

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0:00.0	Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW.
0:15.0	The breakdown is distributed by CoinDesk.
0:20.0	Welcome back to the Breakdown.
0:22.3	It is Wednesday, March 4th, and today we are going global with some exciting and interesting
0:27.8	news for the global crypto community.
0:30.2	So first we're going to talk about what I think is the most significant story of the day,
0:33.7	which is the Indian Supreme Court reversing a ban imposed by the Central Bank of
0:39.1	India around banks serving crypto exchanges. So we'll start there. Then we will turn our attention
0:45.0	to Libra. Reports came out yesterday suggesting that Facebook's wallet would be dropping Libra altogether,
0:51.4	but it seems now as though it's more that they will be adding
0:55.1	dedicated digital currencies focused on existing fiat currencies around the world.
1:01.1	Third, and finally, we'll look at a couple little grab bag news items that are interesting and
1:06.1	quirky and potentially relevant for the future.
1:08.6	Now, before we dive into all of this, just a quick follow-up from yesterday's episode.
1:12.2	Yesterday was Super Tuesday in the U.S., so an important day for primary elections,
1:17.8	and Joe Biden had a massive day outperforming basically everyone's expectations,
1:24.0	including probably the Biden campaign, which is interesting in the context of the poll we ran
1:29.0	looking at or asking which U.S. election outcome would be best for Bitcoin. Biden was by far the
1:35.7	lowest after Trump and Sanders and Bloomberg. Biden only got 6% of the votes, but Biden looks better
1:42.6	today as a candidate than he ever has before.
1:45.8	Now, I think that probably Biden got such a low percentage of votes because he seems like
1:50.1	he would kind of just be mainstream, whereas people are counting on Sanders and Trump, at least
	...

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