Libra May Take Longer – Much Longer – Than Originally Thought
As vice president of product at Facebook’s Calibra digital wallet unit, Weil explained that while the currency itself may be ready relatively soon, the wallet system that’s backing it up will take much longer. He comments that the system is quite complicated, and executives want to make sure they have everything right before Libra can reach its full potential and attain the global status they foresee.
This is not going to be a thing that spreads like a social network. This is going to be the work not of years but of decades, and it’s worth making.
The trouble is that many people don’t see things this way. A new survey suggests that very few Facebook users – less than three percent – view Libra as worth their time. In addition, the currency has been consistently under attack by the U.S. government and regulatory bodies around the world, ultimately leading to serious delays. Facebook has even said it will leave the Libra Association behind granted they do not garner regulatory support.
The Association itself has suffered greatly, with many companies rescinding their support of the project. Companies like PayPal, Mastercard and Visa have all exited the Association over the past few months.
Weil isn’t letting this bring him down. He still says that approximately 21 other companies are members and that all will contribute greatly to the safety and strength of the currency. He explains:
18 months ago, this was an idea. Today, we have 21 fantastic committed organizations that are members of the Libra Association [and] a bunch more that are looking to be involved. So, expect that number to continue to grow.
One of the big benefits of Libra, according to Weil, is that it will take a lot of “the pain” out of sending money abroad. Cryptocurrencies, over the years, have worked largely as remittance payments from workers who are employed either in other countries or who are stationed abroad. They work to send money home, but by the time it falls into the hands of a destined party, the amount has diminished greatly due to international transaction fees.
With crypto, however, these fees are seriously diminished, and the receiving party can use more of the money to maintain its survival.
You Don’t Have to Be Comfortable with Facebook to Appreciate It
There are going to be people who are not comfortable using a financial product built by Facebook. You don’t have to use a Facebook product ever to get the greater value of the accessibility and lower cost brought by the Libra ecosystem.