Facebook Needs Replanning For Libra Cryptocurrency

Facebook needs to reshape its plans on launching Libra cryptocurrency as regulators are against it

Facebook Needs Replanning For Libra Cryptocurrency

Facebook Needs Replanning For Libra Cryptocurrency


Facebook thought that it will launch the Libra digital currency to make the payments cheaper and more comfortable. The authority announced this in June last year as its own digital currency. They also thought of a process where other versions of digital currency like the dollar and the Euro will compete for side by side. Bloomberg and The Information published a report on that recently.

But the regulators do not think in the same way and their resistance forces Facebook to think again on Libra cryptocurrency.

According to the report, we come to know that the Libra Association will continue working on Libra cryptocurrency and the company confirms it. Facebook formed this association to work on digital currency.

The report also hints that Libra will come out in this autumn. The company planned to launch it earlier initially, but it will come a few months later than estimated.

The company remarks, "Facebook remains fully committed to the project."

Lyft, Spotify, Shopify, are some partners with Libra Association. Still, the bad news is that it has also lost some high-profile partners like Visa because of this currency got criticism from authorities.

"The Libra Association has not altered its goal of building a regulatory compliant global payment network, and the basic design principles that support that goal have not been changed nor has the potential for this network to foster future innovation," says Dante Disparte. He runs the Libra Association and holds the position of head of Policy and Communications.

According to some of the biggest economies worldwide, cryptocurrencies such as Libra are threats for any financial system.

For example, France is against the digital currency. The government believes cryptocurrency can risk the nation's "monetary sovereignty." Besides, it can be used by criminals for unethical purposes like money laundering. So, other countries warned about its usage.