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Facebook has recently announced its new cryptocurrency which is called, Libra. Libra will be independent of Facebook and will evolve not only as a currency but a financial institution eventually. Facebook being one of the three tech giants, entered the cryptocurrency race and this is not surprising.
Governments and regulators are uniquely aware of the benefits as well as the concerns about the dominance of the big 3: wiping small competitors, disregarding regulations and rules, and imposing their heftiness on every one else.
When giants ruled the earth, a billion years ago, the rest of the species grew too. And yet in the era of uber-competition and massive technological race, it is really a zero-sum game- the swiftest with the mostest?
If the government can't battle with the billion-dollar corporations in terms of implementing regulations to support consumers' interests, where will the consumers go for protection, support, and welfare?
In geo-politics, the rise of the two superpowers 60 years ago culminated in the dominance of only one big superpower- the United States of America which became the 'accidental cop' of the world. Yet, regional powers have emerged with renewed vigor, upsetting the hegemony of a superpower using trade, economics, and partnerships to leverage their reach amongst other nations and impose their interests.
This echoes what has been the current narrative about it: it is good when it is benevolent and moral, and it's really bad when it acts like an evil empire- which can be embodied in one organization at any given time.
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