Head-to-head: Is Facebook’s Libra coin a positive development for crypto?

Author: | Published: 8 Aug 2019

Q: Is Facebook’s Libra coin a positive development for cryptocurrencies in general?


YES

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 infrastructure.

Having a large and legitimate enterprise front a...