Libra currency price south africa
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What to Salvage From the Wreckage of Libra
We are using cookies to give you the best experience on our website. You can find out more about which cookies we use in our Privacy Policy. Accept and Close. The first generation, symbolised by Bitcoin , have enjoyed mixed fortunes. And some governments — including India and Zimbabwe — are attempting to clamp down on cryptocurrencies, fearing their potential for tax evasion, money laundering and financial instability.
In recent months, several governments — most recently South Africa — have announced plans to introduce their own cryptocurrencies, seeking to harness the technology to improve financial inclusion and support digital industries. And now the major digital players are showing an interest, with Facebook last month confirming its plans to launch a global cryptocurrency in The company said people would be able to make payments using its Libra currency via its own apps, as well as on messaging service WhatsApp, which Facebook owns.
Twenty-eight partner firms — including Mastercard, PayPal and Uber — have signed up to form the Libra Association to govern the new coin. For governments and those delivering public services, Libra poses interesting opportunities. However, politicians, central banks and regulators have reacted cautiously, worried about the potential volatility of the currency and data protection issues. Our legislative and regulatory systems have never caught up. Now Facebook is entering the realm of cryptocurrencies; governments and regulators will have to start moving as fast as the technologies and the digital economy if they want to stay ahead of the risks to financial systems, users and the wider economy.
He began his career in Bulgaria at English-language weekly the Sofia Echo. Your email address will not be published. Change language. Governments look to fintech revolution to drive financial inclusion. Union demands action against US inspector general in telework spying row. Leave a Reply Cancel reply Your email address will not be published. Posted January 28, 0. Posted January 26, 0. Posted January 25, 0. Partner content Governments look to fintech revolution to drive financial inclusion.
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Africa’s crypto market has grown by $105.6 billion in the last year
Xe Currency Converter. These are the highest points the exchange rate has been at in the last 30 and day periods. These are the lowest points the exchange rate has been at in the last 30 and day periods. These are the average exchange rates of these two currencies for the last 30 and 90 days. These percentages show how much the exchange rate has fluctuated over the last 30 and day periods. The currency symbol is R. Send money online fast, secure and easy.
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On the 18 th of June, Facebook announced the launch of Libra, a new digital currency. Not even two weeks went by before the U. Congress called for Facebook to halt all further development of Libra and summoned the company to a hearing. Since then, there have been discussions, press releases, and talk of a new bill that prevents tech companies from launching their own digital currencies. Ten years ago, Bitcoin became the first successful digital currency, and with its launch it became possible to send money over the internet without the need for banks or governments. Facebook plans to integrate Libra into WhatsApp and Messenger so that you can send money over their platforms as you would a photo, video, or text message. This graphic from their website shows how Libra would function in practice:. Libra will thus be a new kind of money that you can send to people or use to pay for goods and services.
The Likely Impact of Libra Coin on Africa
David Marcus, who leads the Libra initiative at Facebook, is having to temper expectations of the project. Facebook's Libra project started out as an ambitious plan to create a global cryptocurrency, but new reports suggest the company is scaling back its vision after facing scrutiny from regulators and losing a slew of initial partners. The details are still a little murky. But The Information and Bloomberg both report that Facebook's Calibra wallet, initially unveiled as a way to deploy a Libra token backed by nonprofit consortium led by Facebook, would now also include the option to use traditional currencies — so-called stablecoins, that are pegged to the values of things like the euro and the dollar. That would put it closer to existing digital payment offerings, like Venmo, than a direct challenge to existing financial systems.
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Facebook's Libra dream: will it become reality?
Not only a new star, but a complete zodiac sign is born in the sky of money. In June , Facebook and its allies, joined in the so-called Libra Association, published what has become their blueprint—critics might say the creed—for everything related to blockchain, tokens, and cryptocurrencies. Their whitepaper is available at libra. It has been translated into several languages besides English, i. Japanese, Chinese, German and French. In M-Pesa, a mobile phone-based payment and financing system in countries like Kenya, South Africa, and India, a partly comparable model already exists. M-Pesa is owned by Vodafone, which is also a member of the Libra Association. Nevertheless, whether or not the Libra Association is correct to expect a promising business case is not a legal question.
Interestingly, the value of Libra will be determined by a basket of currencies — the US dollar, the euro, the pound sterling, and the Japanese yen — bank deposits, and US Treasury securities. In other words, rather than being a stateless currency, it would operate as a multilateral derivative of several national currencies, all of which are issued by Western powers and one of their key geopolitical allies. That makes it remarkably different from already existing cryptocurrencies.
Facebook CEO Mark Zuckerberg conceded on Wednesday that the company's planned digital currency Libra was a "risky project," but sought to reassure skeptical U. Sporting a suit and tie, Zuckerberg also fended off aggressive questions on election interference, free speech, hate groups and fake news from members of the U. House of Representatives Financial Services Committee. Representative Maxine Waters, the panel's fiery Democratic chair, quizzed Zuckerberg on Facebook's steps to combat misinformation and voter suppression ahead of the November U. She also suggested policymakers should consider breaking up Facebook. Waters had previously called for halting the Libra project before its planned launch, and has drafted legislation that would bar tech companies from entering financial services.
Stablecoins are second generation cryptocurrencies, aimed at maintaining their value stable with respect to official currencies. The most famous example is perhaps represented by libra, the cryptocurrency announced by Facebook in and yet to be issued; the most widespread is tether, with a market capitalization of almost 10 billion dollars and a daily transaction volume of almost 50 billion dollars, which makes it the most used cryptocurrency. The diffusion of stablecoins is hardly surprising. By minimizing volatility — the main flaw of first generation cryptocurrencies, including bitcoin —, stablecoins are expected to play an even more important role on a global scale within a few years. Our contribution deals not with the economic, but specifically with the geopolitical factors that could foster the use of stablecoins for strategic and military purposes.
Provide people everywhere access to safe and affordable financial services. So people everywhere can live better lives. Moving money around the world should be as easy and cheap as sending a message.
I'm sorry, but, in my opinion, they were wrong. We need to discuss.
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Well, then what?