facebook crypto-currency one
The Facebook Libra, one
Vocabulary
| global | promise | currency |
| Libra | stable (2) | announce |
| crypto- | empower | account (3) |
| coin | volatile | approach |
| wallet | major (2) | corporate |
| expect | associate | lawmaker |
| assess | Congress | put on hold |
| disrupt | back (3) | nevertheless |
| fill | insure (2) |
Video: Facebook Libra
Transcript
Introducing Libra, a new global currency designed for the digital world.
Facebook has promised “finance for the future” with its new crypto-currency. Announcing its arrival, Mark Zuckerberg said Libra would empower billions of people. Even those without bank accounts would be able to send money around the world with ease.
What’s more, Facebook says its Libra will be what’s called a stable coin —meaning it will have none of the volatility associated with Bitcoin and other crypto-currencies.
It says it will insure that by linking its value to other global monetary systems. Major corporate players are already backing Libra, even if some of the world’s financial leaders are not.
CEO, Bank of England: “The Bank of England’s approach is ‘Libra with an open mind. But not an open door’.”
And now a group of US lawmakers has written to Facebook, asking them to put their crypto-currency plan on hold, until Congress can assess the risk it poses.
Nevertheless, Facebook’s plans to disrupt money continue to progress, with Libra expected to begin filling digital wallets in early 2020.
Questions
1. The Libra is the currency of Libya. True or false? What is the Libra?
2. Was the new crypto-currency created by teenagers in a small start-up?
3. Libra, according to its backers, will benefit large multinational corporations. Is this right or wrong?
4. Will the value of the Libra fluctuate depending dramatically on its demand and user confidence?
5. Everyone is happy, excited and enthusiastic about the Libra and have embraced it wholeheartedly. Is this entirely correct, mostly correct, yes and no, in between, partially correct, largely wrong or completely wrong?
6. Does the US government fully support the Libra?
7. What may be Facebook’s goal or ulterior motive?
A. How do your friends make monetary transactions? Are they satisfied with it?
B. I have seen the median of exchange (money) change over the years. Yes or no?
C. What might happen in the future?
D. What are the advantages, benefits, pros of the Libra cryptocurrency?
E. What are some of its potential drawbacks, cons or disadvantages?
F. Should governments and people do anything? What should they do?
