The Financial Times has published information about the “restart” of the Libra project from Facebook. The own cryptocurrency developed by this company can be launched into circulation in a month, in January 2021. However, there are big doubts about the achievement of the previously stated goal of the program – the creation of a global synthetic currency based on the financial systems of the world’s leading economies.
For the first time they started talking about Libra in 2019, when Visa and Mastercard announced about joining the Libra Association structure, which in parallel included almost all private payment systems in the United States. It’s no joke, the Facebook corporation, relying on a giant army of its users, offers to launch not just another cryptocurrency, but a multi-financial mechanism of an international nature. Moreover, it is secured not only by the US dollar, but also by the sovereign currencies of other countries, and therefore the most stable and influential on the planet.
However, such Napoleonic plans by Facebook immediately aroused keen interest from the US Senate Banking Committee. They directly pointed to the badly tarnished reputation of the social network in the field of protecting the data of its users. And they arranged a series of checks, which quickly scared away everyone who had previously supported the project. Libra almost became a part of history, but 2020 and a pandemic burst out, business processes massively moved online and interest in cryptocurrencies took off again to the top.
Currently, there is no information about Facebook’s agreements with regulators in other countries, so we can assume that Libra will rely only on the US dollar at the start. It will take a lot of effort to expand the system, add new tokens to it and attract the attention of a wide audience. Something has already been done – in particular, the Novi (formerly Calibra) application has been prepared for manipulating this cryptocurrency, plus similar options have been added to WhatsApp and Facebook Messenger.