Investment bank analyst: Facebook's cryptocurrency will face "regulatory hurricanes"

On June 19th, Michael Graham, an analyst at investment bank Canaccord Genuity, said in a report to clients on Wednesday that he believes Facebook's new cryptocurrency may benefit the world if the regulator allows it. Analysts say the Libra network seems to benefit the blockchain sector and individuals without bank accounts. However, Graham also believes that Libra will face a “regulatory hurricane”. On one level, the government should appreciate the driving force that Libra may bring to global commerce. On the other hand, Libra is by far the most trusted encryption threat to government-backed currencies.