Can Telegram’s TON Compete with Facebook’s Project Libra?

Durov intended TON as social media for money. To explain, TON’s goal, like Libra’s, is to enable anybody to send funds anywhere in the world at the press of app.
Thus, TON offers a totally offers a new model of finance, a decentralized currency anybody could access. Libra, however, extends the current finance system of centralized banking into the blockchain. In fact, I think the Libra Association looks like a global Central Bank.

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There is nothing original about Facebook’s Project Libra

The organization that will administer Libra, the Libra Association, looks like a central bank

To explain, a central bank issues currency, backs currency with a reserve, and regulates and administers the ecosystem that distributes the currency. Beyond that a central bank acts a a bank for other banks. I think the Libra Association looks like a Central Bank for global electronic payments systems like Visa and PayPal.

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Who is behind Project Libra and is it a Global Central Bank?

I conclude that the Libra Project is a separate organization from Facebook. Instead of running Libra, Facebook merely participates in it. Why would Facebook set up a separate company for its digital wallet if it controlled Libra?

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Facebook Allies plan Libra Alternative Cryptocurrency Celo

C Labs claims the Celo Wallet will work like Venmo. Venmo is the popular peer-to-peer (P2P) app owned by PayPal. Thus, Celo is an R&D effort trying to create consumer products that a central bank could use.

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Facebook Employees could be paid in LIBRA Cryptocurrency

Facebook (NASDAQ: FB) unveiled its Libra cryptocurrency proposal in June to much fanfare and controversy. Fascinatingly, an unconfirmed rumor claims  Facebook employees working on the Libra

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Are the Monster Banks making Money at Wells Fargo & Bank of America?

Hence, the two monster banks’ revenue growth rates were shrinking before coronavirus. Now that revenue growth is collapsing rather than shrinking.

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Could China Dominate Digital Currency and Blockchain?

The People’s Bank of China (PBOC) is scaring online chicken littles with its Digital Currency Electronic Payment (DCEP) project. Apparently, the DCEP is a plan to test a government cryptocurrency in China.

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