What Libra means for Bitcoin?

By contrast he said Libra has been purpose-built to scale as a payments network and could quickly emerge as a major competitor despite its ongoing issues with regulators. …

Perhaps the most notable difference lies in Bitcoin’s decentralization. No single entity controls Bitcoin. In contrast, Facebook and the Libra Association have a large amount of control over the Libra asset and its usage .

Originally, Libra was meant to be a digital token backed by a basket of currencies from around the world, but regulators quickly halted that idea . So a simplified design was created, pegging a rebranded Diem token to the US dollar.

Libra is a cryptocurrency created by Facebook, intended to be used as a simple, low-fee medium of exchange to be used around the world . The digital currency is now called Diem. It is backed by a basket of assets, which include major currencies and government debt securities, which give the cryptocurrency stability.