Facebook has all your information. As a result, they can affect you all. Now they need your pocket information. That arrangement is also on the way to being ripe. Facebook plans to leave a kind of virtual coin named ‘Libra’. Experts say, if the currency of Facebook enters the mainstream trading system, then new risks will be created for the customers. Many poor spending habits will be developed. Many US lawmakers oppose this coin. Critics have also opened their mouths.
Consortium partners, payment service providers, credit card companies and customer companies are trying too hard to bring new coins with facebook. In the first half of 2020, there is a plan to bring this coin to the company. Facebook’s Libra will provide everyone with an electronic wallet. Facebook says it will be worth the price of the currency, in line with the value of all international currencies. People cold buy Librat with conventional currency.
A whitepaper on Facebook said that advertisements will not be displayed on their targets as there is no link to Facebook user information with Libera. Facebook has planned to add Facebook products with Libra payments to Facebook. These products are used by Facebook for a few hundred million users. Experts are expressing concerns about the issue.
Bruce McClory, Vice President of the National Foundation for Credit Counseling, United States private financial consultancy firm, said that shopping habits using Facebook tools are very easy for many users. For those who fail to control the budget, it will be a terrible danger.
The Facebook authorities did not make any comment on this.
Accoroding to a survey, one third of US people are influenced by the social media experience as well as spend money. In February, Charles Swab conducted the survey among one thousand people. Social media is at the top of the worst list to influence the management of money management.
Tyrison Ross, investment consultant at Woodbridge, New Jersey, said that extra costs will start when Libra launches. Because, Everyone could access it easily. Control yourself will be difficult. Since people know their habits, it will be easy for them to do anything. They want to do this.
It is easy to use and easy to use with bitcoin like Cryptococcus. Bitcoin will be use to pay the bills, essential items and services.
Expert Ross said that Libra is basically being made as a currency exchange or currency. It will not be use as an investment like Bitcoin. Facebook has described it as a stable digital crypto company. There will be complete investment of real assets.
The Nobel laureate economist and University of Columbia University teacher Joseph E. Stiglitz commented that the time of the initiative to introduce alternate currency was also interesting. The main complaint about the currency in the past was instability; That means, inflation is seen in a hurry. Facebook has been saying that people’s confidence in the current currency is decreasing due to the ambiguous inflation. But the dollar, euro, yen and renminbi have been stable for a long time. There are no worries about the influx of these coins today, but if there is something to worry about, it may be an abnormal decline in inflation.
Facebook says, short-term government security issues will be involved in Virtual Currency Bank Deposit. It does not have inflation like other crypto conferences.
Bitcoin coins were not created for exchange. Apart from this there is no transparency. It takes technical knowledge to use this currency.
Priya Malani, founder and founder of Styze Wells in New York, said that due to digital money or gamfai, there are many people who make purchases without freebies. The cost will increase as a result.
David Marcus, head of the Calibra division of the developer of Facebook, said that they are planning to provide various financial benefits in future virtual currency. There are also things like credit. The notable thing is that Facebook will not give any interest to him, unlike a Facebook user who will be credited to his account. But the Facebook subscribers will be able to make deposits and earn them by investing in it. Millions of subscribers will make a profit by investing in Facebook. But the subscriber will receive no part of that income by .
Malani said, if anyone lives in a way of life, then shopping on Facebook will make him owe him. He will have to pay interest every year throughout the year.
According to the US Federal Reserve, the amount of customer’s debt reached the highest level in the United States this year. In the United States, the amount of the customer debt is 4 trillion dollars.
According to Joseph E. Stiglitz, Facebook has already caused many reasons for lack of confidence. That is why it is difficult to take this advent in the banking sector simply with confidence. Personal information of 240 million active users is currently in the hands of Facebook. Can Facebook confirm it, this data will not be use in money fraud? Until now, the US government will have to look into detail in the activities that Facebook has undertaken to launch Libra. Facebook and other financial sectors, under which policies work, the Facebook will come under the same policy. Facebook will not be able to lend money to Liborans by subscribing to their customers, and they will have to make that promise.