Q: Is Facebook’s Libra coin a positive
development for cryptocurrencies in general?
Sam Gibb, partner, Endeavour Ventures
The Libra announcement was met with a cascade of
commentary, both positive and negative. Facebook, the largest
social network in the world with over 2.4 billion monthly
active users, which has benefitted from acting as a centralised
repository of everyone's data over the past decade, is now
leading the charge to create a new currency in an ecosystem
that prides itself on decentralisation and anonymity. While the
conflict is apparent, the overall impact on cryptocurrencies
and emerging economies could be significantly positive.
There are two key areas where Libra will benefit
cryptocurrencies and society generally: 1) legitimising
cryptocurrencies by furthering regulatory certainty and
awareness; and 2) increasing financial inclusion for people in
developing markets that lack access to a basic financial
Having a large and legitimate enterprise front a...