Taylor Letterman, Cryptocurrency Analyst, and Trader at Simpler Trading, discusses with Kurt Schemers and Don McKelvey on Traders Nation® of Facebook’s recent announcement that it plans to introduce a new “stablecoin” cryptocurrency called, Libra. Governments worldwide are resistant to the trend since they’re concerned about how cryptocurrency can undermine the stability of their financial system.
Letterman further goes to lay out how difficult it is to trust the conglomerate of companies to run and operate Libra since some have already proven to the public they can’t be trusted. Case in point, Facebook went to testify before Congress and told them that privacy of its users are a major consideration and is their number one priority. When in fact, as it turns out, Facebook was selling users data to third parties without the users knowledge – public trust broken.
Lastly, will governments pass laws to outlaw the use of cryptocurrency since it seems they may find it difficult to control? These questions and more are covered during our guest segment.