When Facebook announced plans to create a libra, a new virtual currency that could be used by portal users, the largest central banks responded with interest. But soon this interest turned into anxiety to end with criticism and attempts to block the project.

The corporation announced its intention to issue cryptocurrency in June, and at the beginning of July the head of the US Federal Reserve Jerome Powell raised doubts. - Libra raises serious concerns when it comes to privacy protection, money laundering, consumer protection and financial stability. These doubts should be publicly discussed and dispelled - said the head of the Fed in Congress, adding that the implementation of the project should be suspended until FB answers the questions of regulators and legislators.

A few days later Donald Trump got involved in the case. In his style, on Twitter, he announced that he is not a fan of cryptocurrencies, because - according to him - their value comes from nothing and is very variable. For this, the President of the United States wrote, they can be used by criminals, even facilitating drug trafficking. - If Facebook and other companies want to become a bank, they must look for a new banking law and be subject to all banking regulations, just like other domestic and international banks. We only have one real US currency, stronger than ever, reliable and trustworthy. So far it dominates the world and it will continue to be so. It's called the American dollar! Said Trump.

Internet of money

Apart from form, the statement by the US leader reflects the essence of the problem. Libra was the first to break the state monopoly on currency emissions. Contrary to what Trump wrote, it was not meant to be a bitcoin-like product that is associated with a toy for speculators. The ambitions of the libra creators were greater than just proposing another digital toy to the world. They have packed their project into the idea of ​​making financial services more widely available to all those who do not have access to them today.

"Around the world, people with lower incomes have to pay relatively more for financial services. Hard-earned income is destroyed by fees from money transfers and costs of transfers by commissions on overdraft facilities or for the use of ATMs. Annual interest rates on payday loans can be 400%. or more, and financial fees can reach up to $ 30 with a loan of $ 100, "they write in the white paper of the Libra project. In their opinion, this is the reason for the financial exclusion of almost 1.7 billion people.