Can Facebook’s Libra Cryptocurrency Be Saved?
Facebook’s Libra cryptocurrency has had a short, yet troubled history, as it continues to battle with U.S regulators. Can it be saved?
You Are Reading :Can Facebooks Libra Cryptocurrency Be Saved Related Sweden Testing eKrona Cryptocurrency – Will Other Countries Follow
Facebook’s Libra cryptocurrency has had a short yet troubled history – but can it be saved? Facebook Vice President David Marcus stepped away from Facebook Messenger to work in a new blockchain division back in 2018, with Marcus taking the lead. Libra was officially announced a year later in June of 2019. Although plans were to launch in early 2020, Facebook still has not been given the green light from the United States, with regulators questioning the motivation behind the project.
Mark Zuckerberg has been firm that Libra will not launch anywhere until it does get the proper permissions from U.S. regulators. In a courtroom last October he said, “Facebook will not be a part of launching the Libra payment system anywhere in the world, even outside the U.S., until the U.S. regulators approve.”
That likely means Facebook faces an uphill battle to get Libra launched. Companies that had originally partnered with the project like eBay, MasterCard, Stripe, Visa, PayPal and others all have cut ties with Libra. Other countries like France, Sweden, Japan and England have either met with Facebook or commented on Libra. European company Finance Watch suggested that Libra was a “huge risk to public monetary sovereignty” and urged readers to “say no to Libra to prevent the creation of a parallel economy in the hands of a few giant corporations.”
Can Facebook’s Libra Cryptocurrency Be Saved?
If any company has the resources to figure it out, it’s Facebook. The social media giant has come under legal troubles in the past, and worked through them pretty well. They took a step in the right direction earlier this week, with Canadian e-commerce company Shopify joining Libra’s association which still includes companies like Spotify, Uber, Lyft, Women’s World Banking and PayU even after others departed.
They’re fighting two battles – one with the U.S. regulators, and another with their shrinking association of partners. Because Facebook wants Libra to be more than simply a cryptocurrency, they’ll continue to face anti-money laundering and other security questions. Many may also question the morality of a big company like Facebook making a sovereign currency in the first place.
David Marcus and the rest of project Libra’s staff have a lot to do to if they want to get back on track. The addition of Shopify shows that bigger businesses are not afraid to jump aboard, and they’ll need to keep working in the courtroom if they want to keep their 2020 launch plans.
Link Source : https://screenrant.com/facebooks-libra-cryptocurrency-saved/