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 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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Is Cryptocurrency Really Money?

Libra could have an instant Coin Price of $182.44 or higher. To explain, that was Facebook’s stock price was on the morning of 15 July 2019.

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Is Vodafone Making Money?

Vodafone still has a lot of value because it serviced over 500 million customers in 26 countries worldwide in 2018.
Notably, Vodafone controls the world’s most successful digital currency M-Pesa through its Safaricom subsidiary in East Africa.

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Apple Pay Could be Worth $190 billion by 2022

Notably, Morgan Stanley’s analysts think Apple Pay has “the best consumer penetration” among digital wallets on the market, Apple Insider reports. In addition, Morgan Stanley calls Apple Pay “the clear leader among app/phone-based digital wallets.”

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Your Next Bank could be a Blockchain

Moreover big financial institutions including Banco Santander (NYSE: SAN), JPMorgan Chase (NYSE: JPM), BNY Mellon (NYSE: BK), and Goldman Sachs (NYSE: GS) are researching or developing cryptocurrencies. Finally, even Facebook (NASDAQ: FB) is setting up an entity that looks like a bank, the Libra Association, to operate its proposed Libra cryptocurrency.

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Is a Goldman Sachs Cryptocurrency Coming?

Thus, a stablecoin is a lot like a bond or a checking account. Two instruments that Goldman Sachs is very familiar with. Notably, Goldman Coins could use a stablecoin to make US Dollar payments to account holders in other countries. Theoretically, stablecoin payment could be faster, cheaper, more secure, and easier than traditional wire transfers.

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