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hey this is David for big bits in this video we’re gonna take a look at Libre and whether or not the project is actually dead now you might not have heard about it in a little while but if you were paying attention to the news just last year you would have seen mark zuckerberg testifying in front of many people in the legislature trying to defend his project and more importantly for him Facebook at that time as he was drilled pretty hard about privacy issues on Facebook more so even than the Libre project that they were all there to discuss now the Libre project has notably seen some major companies leave from backing it and one of its key features going into the project and when it was announced was that many large corporations were behind the project and since then many of their largest backers as far as corporations go have actually left the collection of organizations who are supporting the project now they news has been relatively quiet on Libre for quite some time although there has been recently some changes announced and it’s going to be a pretty big change and you can get the sense that from these changes that the association with Libre is trying to make Libre a global currency and not just a Facebook currency or just a social media currency they want Libre to be the currency they want other countries to have their currency supported on Libre and Libre do all of the transactions now that’s the goal with a lot of different crypto currencies not just Libre and some of these others put out there but the changes made made public for Libre here recently kind of go against all of the great things that they said they would like to do in the beginning so surprise there right mainly the changes are coming about because of the regulatory stuff but I just wanted to touch a little bit on some of the things that they did mention because a lot of these things have actually changed so they started out by saying that they were wanting to start out with a new financial system not controlled by Wall Street or central banks now one of the changes that they’re actually talking about is providing direct support for central bank digital currencies and it’s that’s pretty funny they are going to be augmenting the Libre Network by including single currency stable coins in addition to the Libra token so they were going to be doing their own stable coins but now what they are actually going to be doing is they are going to be planning in support for the central bank digital currencies as well so you can see here that the white paper indicates that they could come to serve as a platform for central bank digital currencies now they have always kind of had the plan to be able to incorporate these but at the time there wasn’t a whole lot of plans by countries to create their own CBD C’s and now they are quite popular if you check the news out in China is pretty close to releasing their own so what they’re doing here is they’re trying to get all of these CBD C’s in as part of their project so that you can get on boarded and be using Libre globally as sort of a unit of exchange between all of the currencies now part of the other things that have actually been changed are pretty important to the actual fundamentals behind the concept of cryptocurrency that a lot of people actually like now one of the main things that Facebook released this for or announced the project for was so that they could compete and offer financial transactions similar to how companies like WeChat and China are doing that over there now they are going to of course be backing it with their digital currencies and then where here we go here is one of the regulation that they talked about at the beginning one of the only major things that were mentioned in this particular article was that you would have to have a government identification like a driver’s license to be able to even acquire Libra so they did start off with some measures to keep track of who has Libra and how they’re getting it but they wanted to make it to where any software developer could build on top of it and that may or may not be the case for the CVD C’s that get announced later on now what they tried to emulate here is probably something like a smart contract with aetherium to where you could code in where money goes and how based on certain logic just like a computer program now the actual reason that they wanted to use this was because there were going to be permissionless and that they wouldn’t have to rely on the central bank’s and then this is the one I was actually looking for here says because block chains are shared databases they can function without any central operator like the central banks that have historically governed currencies this structure will allow Libra to be overseen by many companies now it’s funny that this is the message that send out originally and that now they are actually trying to support directly the central bank digital currencies and it even goes a little bit further than that not only are they including the central bank digital currencies into their platform they are also making it to where they are changing their own rules about how things are going to be conducted and how maybe this is more of a government regulated project than you might have believed so to answer the question about the video is leave are dead no but it is changing and it could become something just as large as they wanted but maybe not as well not in the way that we all might have liked if you are a cryptocurrency enthusiasts who believes in permissionless networks and decentralized networks now back to the notes over here they are going to be changing some of their rulz they are going to be adding in a network level system around anti money laundering combating the financing of terrorism and sanctions enforcement so these are all things that were clearly brought about as changes due to the regulatory pressure from the different governments so they advertised the project as being something that would be sort of decentralized and permissionless and to combat the traditional system but it appears they’re incorporating all the rules of traditional systems so I’m not really sure I guess what they were trying to do is just to get everybody’s attention at first they should have known that they would have had to play by the rules now they have to do this and exactly why it’s because they heard the concern when Zuckerberg testified they absolutely had to change the rules on what they were doing and they’ve actually went and gotten licenses or applied for licenses for financial transmission I believe one of them was was Sweden yes so the Facebook project is growing and shouldn’t even call the Facebook project it’s actually managed by a calibra and they have been working on a wallet for it there’s many other corporations who are involved in the project but what I am looking at for the future and for this project is that first of all it is not dead it will be coming back and it will be a part of the news and it seems to be trying to become some sort of global currency and with Facebook having two billion users I believe it’s the number I heard and don’t quote me on that I don’t know but they have very very many users among many many countries so they could potentially pull something like that off if they are able to support their token with these and follow the rules and regulations in all the countries they operate so this is something to really keep an eye on because I have mentioned in previous videos on the channel that certain countries are better off having these Prime corporations come up with their central bank digital currency so why would the United States create their own central bank digital currency if all they really had to do was create a token on another existing Network now obviously they want all of the troll behind it but if they can just control Libra then it doesn’t even really matter so this is something I’m gonna be looking at a lot more closely here as the news starts to come out about this again I believe we’ll be hearing a lot about this again in the coming years mostly because the CBC’s or central bank digital currencies are going to becoming way more prevalent especially as China begins to release their first versions of it and there have been screenshots of that posted on the internet as well already as a believe it’s a wallet and it’s already been released in some sort of testing phase so you can always go out and check out that news but that is it for this video and whether or not Libre is actually dead and it looks like it’s far from it so if you like the video please leave a like and if you like to please subscribe we talked a lot about it we talked about a lot of crypto stuff on the channel and we also talked about trading and how to do some tutorials with that as well but I appreciate you watching the whole video up till now but thank you and have a nice day 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YouTube Video Description
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Facebook’s Libra Token seems to be back from the dead. After a recent dead period in news from the project, major changes were announced for Libra that may ultimately allow Libra to actually operate, but at the detriment, to the decentralized and permissionless ideals it was announced with.
Libra confirms shift to multi-currency model, points to support for central bank digital currencies
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