Facebook’s Journey to Launching Libra: It’s Been a Rough Ride

• The plans to launch its stablecoin has seen Facebook be the subject of some serious criticism of the past 12 months.
• Such criticism saw many members of the Association leave, including companies like MasterCard and Visa.

The plans to launch its own stablecoin has seen Facebook become the subject of some serious criticism of the past 12 months.

Such criticism saw many members of the Libra Association leave, including companies like MasterCard and Visa.

Back when the stablecoin was announced last year, the social network was very confident in its efforts in the new project. The point of the protocol would help the unbanked just like how Facebook is able to help connect millions of people across the world. A lot of these unbanked people live in countries such as India and China, which could see its people benefit significantly from the new asset class.

But given the non-stop scrutiny for the social network and its projects, regulators all across the world could make the future of the company and its projects extremely difficult.

The company is now trying to edit its approach to allowing all central bank digital currencies to operate on the network. The digital wallet to go along with the currency, Calibra is able to be used to store other currencies backed by central banks. 

The company has previously said:

“The coins could include those issued by central banks and backed by the U.S. dollar, the euro or other currencies, the people said. The association will re-introduce Libra soon, said the people, who asked not to be named because the redesign remains in flux and the plan could change.”

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