Libra will be a major disruptor to global commerce, says COO of Bitcoin IRA
Service provider gives support to Facebook’s beleaguered cryptocurrency
Libra, Facebook’s planned cryptocurrency, will be a major disruptor to global commerce and create sweeping changes to society. That’s the verdict of Chris Kline, the COO of Bitcoin IRA, who said that he was very bullish about the future of the cryptocurrency market.
Bitcoin IRA offers cryptocurrency services and Individual Retirement Accounts (IRA) in digital assets. In an interview with the website LearnBonds.com, Kline said it was “very likely” that his company would offer access to Libra.
“Libra will be a major disruptor to global commerce,” he said. “While it still needs to be vetted through regulators, expect it to create friction-less cross-border transactions at significantly lower fees for merchants and other participants.”
He pointed out that since Facebook’s active user base is more than 2 billion, larger than most countries, it was likely to have a significant impact.
“It may provide sweeping change to our society,” he said. “Bitcoin and other cryptos should see more inflows as users become familiar with the crypto ecosystem – wallets, keys, exchanges, etc – and learn the benefits of decentralised money.”
He said major crypto events, such as Bitcoin halving, China’s federal cryptocurrency and Facebook’s Libra, meant that the future was “very promising for our company and all crypto investors”.
Facebook’s attempts to launch Libra hit problems with regulators last month and saw major partners leave the project.
Its CEO Mark Zuckerberg has faced criticism over the company's alleged cavalier attitude toward data breaches and misleading political ads.
Global regulators were concerned about the legality of an unregulated currency run by Facebook due to previous penalties for privacy violations.
Several countries, including France, Germany and the US, have taken a hardline stance against Libra. Due to the legal issues the Libra Association has lost some of its major partners, including eBay, Visa, Mastercard, Stripe and PayPal.
Facebook has launched new payment system Facebook Pay, as the deployment of its crypto project Libra was suspended by global regulators.
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