When Facebook (NASDAQ:FB) published the Libra white paper in June 2019, shockwaves were felt across the crypto markets the world over. Triggering the end of a long bear market, Bitcoin soared past the iconic $10,000 mark, and many prominent altcoins rose on the back of a phenomenon now known as the “Libra Effect.”
As so often occurs alongside milestone cryptocurrency announcements, Facebook’s venture into digital payments was also met with a barrage of criticism. Regulators and politicians on both sides of the Atlantic are calling either for intense scrutiny of the project or an outright ban. Fears abound that by launching a decentralized payment system, Facebook’s monopoly could balloon to the point that independent states lose their monetary sovereignty.