What are crypto currency threats
Is the Libra Coin a threat to banks?
The project has the potential to significantly reduce transaction costs - especially for cross-border transactions for millions of people in developing and emerging countries. In certain areas of the world, these fees often correspond to 10 percent of the transaction volume. According to the white paper, 1.7 billion adults worldwide are currently wholly or partially excluded from the financial system. These people often have no way of making efficient transfers or - due to local inflation, for example - to keep values safe for the future. 1.7 billion adults - that's around 30 percent of the world's population. However, two thirds of them have cell phones with internet access. These would be used like a wallet to store Libra and make payments.
In the event that Libra is on Facebook itself, but also on Whatsapp, Instagram, Visa, Mastercard® - all of which already belong to the consortium - were to be used, a very high global reach would be possible in a short time: hundreds of millions of people would become Libra users almost overnight. It could be assumed that Libra would soon be one of the world's most important trading currencies. The 100% coverage would mean that several hundred billion dollars would have to be bought in these same currencies and government bonds. This would quickly make Libra a very significant buyer of government bonds.
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