- Libra is the most hated stablecoin in the world, but Facebook continues to push it
- Will Libra be worth buying when it comes out? Many think not
- Libra could be handed a power pass by the Democrats, if they get their way
Libra is without a doubt the most controversial stablecoin in the world, and it’s not even launched yet. It’s faced a ton of legal battles, it’s faced pushback from congress and it’s even been threatened with a total ban in Europe. But, after being heavily watered down and most of its core fundamentals removed, Libra looks like it could be set for a January 2021 launch.
Will Libra be worth buying and using when it goes live? It will be a stablecoin, after all. But, that doesn’t mean that it will be any good, or even useful to the average joe. As Dan Seals wrote and sang, everything that glitters is not gold.
Who Will Accept Libra?
If Libra does launch in January, it’s still not clear who will even accept it. Once it’s live, you will likely be able to use it to purchase items on Facebook through the marketplace and in games on Facebook, but outside of that, it’s still as clear as mud. In the early proposals of Libra, scores of big-name companies initially pounced to back Libra and announced they’d support it.
But, as many big names in the crypto space eventually came to realize, people hate Libra and its fundamentals. This in turn led to fears that companies would feel associated with Libra and they quickly stopped talking about how they will work with the Libra Association, now known as the Diem Association, and accept its token.
Now, dressed as a stablecoin, it really is no different to that of Tether or True USD. It’s just another old stablecoin, except it’s controlled by Facebook and Zuckerberg’s friends. It’s lost all of its USPs that made it attractive to companies that don’t currently accept any form of cryptocurrencies.
Will Libra Ever Launch?
Libra will eventually go live, and it looks like Facebook is trying to push through the launch before Democrats try to push a bill through that will require all companies issuing stablecoins to attain a banking charter. This does play right into Facebook’s plan, and Facebook is pretty cozy with the Democrats.
There are a lot of issues with this bill, meaning it likely won’t get off the ground. That being said, if the right lobbyists can get behind it and create enough Democratic support, Facebook might just be able to buy its own charter and force the people to start using Libra as other companies, like Tether and Gemini, struggle to meet the requirements in time.
Whatever happens, true crypto warriors won’t touch Libra with a barge pole, let alone buy it on the back of a government bill that makes it one of the only USD stablecoins that is allowed to operate.
