Digitizing the world and everything in it. Even us. 

If you think about it, we are already cyborgs. Just look around you.

Every one with a cellphone in their hand and chances are they have checked Facebook or twitter at least once today and maybe, even made an Ethereum trade.  Our cellphones have become an extension of us. We are cyborgs. 

Our local economies are in a shift to a global system. Facebook, the world leader in social media is in dire need of an approval from FINMA to launch their U.S. dollar backed stable coin. This approval may becoming as soon as January 2021.  Who the hell is FINMA?  We'll get to that in a bit.

As of now, Facebook's Libra could be the U.S.'s first central bank backed digital currency. Times are definitely changing friends. Originally, it was to be backed by several currencies.  However, there's been a slight change and a monkey wrench thrown into the mix because Facebook hasn't completely abandoned their plans to back it by multiple currencies. One happy family at Facebook. 

Could this be the first global currency backed by several sovereign nations?  And if so, who's regulating it?  That's where FINMA comes in, but back to FINMA in a minute. The current plan is a 1:1 U.S. backed stable coin like the USDT or the DAI.  It originally was to include not only the good ol' American dollar but, the Japanese Yen, the British pound, the Singapore dollar and the Euro.

Remember FINMA?  Well, the decision to release the Libra involves the Swiss Financial Market Supervisory Authority (FINMA).  Which when approved, will "act" as a regulated digital payment service.  Finma is an independent institution that regulates banks,securities dealers and, but not limited to insurance companies in Switzerland and reports directly to the Swiss parliament. Kinda strange. 

With all this regulatory scrutiny going on it has scared away Libra's major investors in the likes of Mastercard, Vodafone who produces point os sale machines, eBay and Paypal. Reportedly abandoned. 

So there we have it, the worlds largest social media platform about to lead the global economy with a CBDC. What will this mean for decentralized digital currencies?  Will this uproot hard working projects and take the light off of well established projects like Ethereum or DAI?

Ethereum 2.0 is on its way with a new big boy chain aiming at making transactions more efficient. The big dog is scheduled for December 2020 and this will introduce the much anticipated staking feature.  The Ledger cold wallet has already issued a firmware update to allow the staking option to be utilized. The December update will prepare the network for the upcoming round of updates like the Dock.  The 64 shard chains will be launched shortly afterward with hopes of executing 100,000 transactions a second. 

So my fellow cyborgs, 2021 will be an eventful year to say the least. It will be interesting to see how it unfolds.