Unformatted text preview: the people low fees and high reassurance. Facebook says this could be a cheaper way to spend money across borders. The third and final obstacle they will have is the law. The law fears it will be misused by money launders and terrorist financiers. At a senate subcommittee hearing, their currency proposal faced skepticism from the trump administration. Trump tweeted in July that the new currency they are proposing “will have little standing or dependability. “The law is also trying to prevent a monopoly of a industry. In conclusion, the three obstacles that Facebook has to face in order to create their new currency is trust, expanding, and the law. The government believes that if they let this happen Facebook could potentially become a monopoly. This means they could end up driving everyone out of business. These businesses have been extinct from the market for about 50 years....
View Full Document
- Fall '12