Designated US House of Representatives group is scheduled to make a trip to Switzerland to discuss Cryptocurrencies, specifically, Facebook's Libra.
Repercussions of the Facebook's Libra and its potential to proliferate the fiat currency space are among the concerns to be discussed by the group. The local news channel in Switzerland has reported the news.
We have been talking about how Facebook's Libra has backfired, as the governments around the globe are scrambling to keep their autonomy on the fiat currency space. It is quite understandable that Governments can be patient when its citizens privacy is breached but not when its own authority over fiat system (and by that token on people) comes under attack.
In our opinion, given Facebook's size and reach, we expect that a consensus to force Facebook to peg its Libra cryptocurrency to Fiat may be proposed by the governments, specifically, the US and the Switzerland.
Dollar is used across the world by over 358 Million people, if Libra was to capture dollar's spot as global currency, it will undermine the US Governments position as the World Power.
What transpires of these meetings will be interesting to note, however, we are still sticking to our speculation that Facebook will succeed in launching Libra in 2020.