UN Crypto Project Chief States That Facebook Led Libra Could Be A Boon

The head of Facebook lead Libra Association claimed that it will prove to be a boon to the United Nations. At a blockchain event that was hosted at the U.N. headquarters in Geneva – where all the prominent non-profit associations were incorporated, the managing director Bertrand Perez said that the cryptocurrency could surely help the intergovernmental organizations to achieve there sustainable development goals (SDGs). Perez also suggested that the Libra coin and other cryptocurrencies will pose threats to national monetary policies.

 “We are not in the area of implementing any monetary policy with the [Libra] Reserve.”

said Perez

The Libra coin is aimed to be generated as a stablecoin and aims to be a successful and widespread cryptocurrency. It is aimed to be backed up by many fiat currencies and by all the necessary government bonds. Libra coin is expected to be launched by mid-to-late 2020. But recently Mark Zuckerburg said a statement that the milestone is not set yet.

Forbes in a recent report indicated that during the 73rd United Nations General Assembly (UNGA) that was held this week in New York, blockchain is increasingly being viewed as a technology that could support the organization achieve its Sustainable Development Goals.

Dr Jane Thomson from University College London’s Centre for Blockchain Technology said,

“An increasing number of blockchain events at and around the UNGA this year focused on demonstrating how blockchain is continuing to contribute to the SDGs by offering up some excellent use cases.”

In my opinion, the launch of a standard cryptocurrency across the world will surely be a boon for the community as the decentralized peer to peer network will reduce the transaction costs and will increase the flow of money wit real-time payment solutions all over the world, Also it will ake auditing and verification easier but the only problem that poses in front of the blockchain infrastructure is the energy usage for the maintenance of the blockchain as it works on proof of work protocol which makes it consume humungous amount of energy and resources.

What do you think, can cryptocurrencies like Libra and Bitcoin replace the current monetary system across the world? Let us know your views in the comment section.