Libra Is Potentially Ready for a Rollout
The news surrounding the release of Libra has been circulating throughout crypto newsrooms for more than a year and a half. Since June of 2019, the currency has been permeating analysts’ minds. They have wondered many questions, a big one being “What would Facebook gain from cryptocurrency?”
The project has puzzled many people. Facebook is a social media platform. Now, it suddenly wants to perform a complete 360 and turn itself into one of the biggest digital currency platforms the world has ever seen. Libra is not specific to any region. In fact, Mark Zuckerberg – the CEO of Facebook – and many other executives familiar with the firm’s plans have come out to say that Libra will be a currency for the world and will be permitted in every country that’s willing to partner with Facebook.
This is quite the goal considering each country is likely to have its own regulations and financial adoption methods. However, the idea behind Libra is that users who cannot gain access to traditional financial services can utilize the cryptocurrency to purchase goods and services through Facebook using Libra tokens. The idea is strong, but Facebook’s execution has been considered questionable.
Many people, for one thing, had an issue with Facebook to begin with considering it’s a company that has been in trouble regarding privacy concerns in the past. Following the Cambridge Analytica scandal in 2018 – a situation that involved Facebook selling users’ private data to third parties for advertising purposes – many were worried about offering their financial information to the enterprise. If they couldn’t keep other data locked up, how could they keep financial data safe?
There were simply too many questions that weren’t being answered at the time. Mark Zuckerberg eventually testified before a congressional committee on the matter, though Libra then was incurring several delays, and the coronavirus pandemic of 2020 also put a huge damper in the plans of those involved in the asset’s release.
So Many Questions Remain
With 2021 right around the corner, a new report suggests that this might be the year Libra gets launched, though at this point, it can be argued that the asset has lost its momentum. Should it emerge in January, it would be released nearly two years after it was initially announced. Would people even be interested anymore?
The currency has undergone so many changes to the point that Libra is not even set to be a single asset. Rather, the Libra system will be composed of several leading fiat currencies and stable coins that people can utilize. While the concept has remained intact, Libra’s image has potentially become distorted over the past several months.