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Libra: Not all it’s cracked up to be. Facebook’s contribution to the cryptocurrency world ‘ Libra ‘ has been hyped in some corners as the answer to a variety of financial issues. In particular, the platform was designed to facilitate international payments and eliminate unnecessary transaction costs and fees. Professor Grundfest concedes that the goal is admirable, but he believes that the approach is deeply flawed. He doesn’t see introducing another cryptocurrency as the right solution for minimizing payment transactions, and he doesn’t agree with Facebook’s attempts to circumvent traditional banking systems entirely. Instead, Professor Grundfest argues that a better approach would have been for Facebook to create its own bank that could act as a primary financial institution for its users. The company could have focused on building banking systems customized to each nation or region, addressing regulatory demands and driving down costs. Once those had been established and public trust was built, then it would make sense to simply link each one to create a global network. Is stable coin the answer? Stable coins have grown in popularity as a way to back cryptocurrency with assets that hold real value, much in the same way U. Those assets could be other currencies or commodities ‘ virtually anything, really. For one, it essentially recreates a system that already exists. The other concern is that it could make it easier for people to commit fraud since it’s not as easy to audit and monitor as traditional currencies. Professor Grundfest closed the webinar covering some of the stronger applications for cryptocurrency, resorts brasileiros investem em cassinos turismo em pauta. For instance, people living in countries with weak currencies may be better off investing in Bitcoin than buying local stocks and bonds.
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