Facebook’s Libra will not be Launched in 2020 as Planned

There has been so much buzz about the launch of Facebook’s libra cryptocurrency. Facebook’s libra is considered a global currency and by some, a bitcoin competitor. Its primary target is developing countries with low banking and finance access. Its chief executive Mark Zuckerberg, however, revealed that Libra would not be launched next year as expected.

Previous surveys showed that libra generated a lot of public interest as a potential bitcoin rival. The United States managing director of eToro, Guy Hirsch commented that Libra would introduce a new audience and play a vital role in financial evolution. He said that it would be essential to the future economy especially in the decentralization and democratization of finance.

The head of the Libra Association argued that Libra could be a boon to the U.N. This was at a blockchain event hosted in Geneva, the United Nations Headquarters. The Managing director Bertrand Perez commented that the cryptocurrency will help the organization achieve its sustainable development goals (SDGs). This is especially in areas such as poverty elimination and gender equality.

In another vein, countries like the US, India and France warn that it will undermine their national currencies. The United States president, Donald Trump unleashed a social media criticism against Bitcoin, Libra and other cryptocurrencies. He called them ‘unregulated crypto assets’ that can facilitate unlawful behaviour. He added that Libra will have little standing or dependability and must comply with the US and international banking regulations if it wants to become a bank.  

Mark Zuckerberg revealed that many people had questions and concerns about Libra. He explained that they were committed to ensuring that all these were worked out.  It is their desire to take this project forward in the shortest time possible. However, their major focus was ensuring that this was done well.