The FinTech’s Perception of Facebook’s New Cryptocurrency

Our BoD Member Svetoslav Dimitrov took part in Bloomberg TV Bulgaria‘s “Business Start”. 

He talked about Facebook’s recently announced blockchain cryptocurrency Libra. 

What is special about this new currency is that the users will be able to send and receive money through Facebook’s chat service. 

Libra’s value will be guaranteed, as it will be linked to a currency basket and its worth will be calculated on a daily basis, much similar to the way traditional national currencies work. 

It is still a challenge to predict the exact impact that the cryptocurrency will have on the users and how exactly they would benefit from the introduction of Libra. 

The crypto industry’s reaction to the news is mixed. A part of it celebrates the popularisation of cryptocurrencies while others are critical of the model. The critics are concerned that the new currency will be too centralised which contradicts with one of the main principles of blockchain – decentralisation. 

You can find more detail in the full interview here

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