Facebook Continues to be Forced to Adjust Libra Plans as Regulatory Issues Bite
The social media giant is reportedly rethinking its plans concerning project Libra. Facebook will now include established currencies that are backed by central banks such as the Dollar and Euro in its payment solution platform.
Project Libra Announced to Great Achievement
Libra was announced in June last year. Its announcement was gladly received, especially in the cryptocurrency market. Many thought that Facebook’s entry into cryptocurrency would help in the global adoption of cryptocurrencies.
Blockchain enthusiasts hoped that Libra would pave the way for more companies to adopt the revolutionary technology.
The project also drew excitement from the community due to the partners associated with the project. At the time, payment solution giants such as MasterCard and Visa were part of the Libra Association. This further strengthened the bullish cryptocurrency predictions in the markets.
However, the market was aware of the regulatory challenges that the project may face. The results of the regulatory requirements are now being seen as Facebook rethinks the strategies it had in place.
Several Big Names Drop Out
It has been a tough few months for the ambitious project with key members such as eBay, MasterCard, and Visa all dropping out. Their contribution would’ve been vital to the quick adoption of the cryptocurrency. This latest development will further dampen the bullish atmosphere created around Libra.
Despite scaling down on its global financial shake-up through Libra, Facebook remains dedicated to project Libra. Delays are, however, expected following the latest developments. The delays will affect both Libra and Calibra.
The project was set to be released during the first half of this year.
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Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com