Facebook: one Libra is not enough

Facebook: one Libra is not enough

Libra, the project of Facebook for the creation of a virtual currency based on the Calibra wallet, he had to face various difficulties even before being launched. Several foreign exchange control authorities and central banks have pointed out the risks if placed in an unregulated sector and the unknowns for the economic stability of the countries concerned.

Initially the Libra Association, a private organization that manages the initiative, had the goal of creating an alternative to traditional uniforms that could be used globally. Now, according to the most recent statements by the manager David Marcus, Libra could take a different form, differentiating itself according to the area of ​​reference.

The idea should be to maintain the status of stablecoin, that is, an electronic currency whose value is anchored to that of real assets, but realizing custom variants for the target market. It could therefore have a "Libra Dollar" for the United States, a "Pound Sterling" for the United Kingdom, a "Libra Euro" for the European Union and so on.

Marcus would have stressed that the one described is only one of the hypotheses currently being evaluated. Libra is expected to become available by June of next year, Menlo Park and the other companies currently involved (net of recent defections) therefore still have a few months to define the strategy to follow.

Nor is it excluded that the debut of the cryptocurrency can be postponed pending the adaptation of Libra's specifications to the monetary regulations in force. From this point of view a new approach, based on specific agreements with the authorities of the individual countries, could prove congenial to overcome the obstacles to the diffusion of the project.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *