The most hyped up Libra coin’s whitepaper was unmasked a few days ago and not everyone is happy with what the new kid on the crypto block is designed to tackle. A candid look at the project reveals there is more than what meets the eye.

The French finance minister, Bruno Le Maire is not convinced that Libra is a real crypto by saying that it cannot be a sovereign currency. He goes on to warn that the Libra coin should not be taken as a true traditional currency replacement.

With such sentiments, it is left for the regulators to zero in on the project and unearth the motive of the project. On his part, Mark Carney, England’s central bank governor has added his voice by saying that the project needs to be approached with an “open mind”.

Libra, a New Stablecoin?

By design, Libra is a stablecoin but a German member of the European Parliament Markus Ferber sees it differently; he feels that with 2billion subscribers, it is possible that Facebook will turn the Libra project in to a “shadow bank” and that is why regulators should move with speed.

Concerns have been raised in the past on how product from Facebook can guarantee the user privacy after several instances on date breach.  The project goes further to target millions who are unbanked and a privacy lapse can have far reaching implications.

Non Speculative Coin

Libra promises to distance itself from Facebook and will not dwell on targeted ads. It will have its own wallet, the Calibra, which will support the Messenger and WhatsApp services to make it easy and fast for users to send and receive money.

Unlike Bitcoin, Libra will be non-speculative and its volatility will be put in check. This makes the coin ideal for merchants who have been shunning crypto due to losses associated with crypto volatility.  The partners behind Libra might give the coin some credibility but it is a wait and see situation as the air is cleared for Libra coin.