In a recent interview, Mark Zuckerberg, CEO of Facebook, refused to provide any comments on the expected launch of the Libra Coin, a cryptocurrency, that was scheduled to be launched in 2020. This cryptocurrency project was started by Facebook in 2017 and was aimed to function as a global digital currency in competition to Bitcoin but with added features.
Talking in an interview with Nikkei on Thursday, Zuckerberg was asked about the expected date of the stablecoin’s (Libra Coin) arrival, to which he replied:
“Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” he said. “But right now I’m really focused on making sure that we do this well.”
The white paper of Libra Coin was released in June this year and since then the critics have been behind the project and have periodically. It was posed that it will pose financial stability risks but it can also be used as a payment method for crimes and will increase the financial crimes. It will pose a threat to sovereign currencies, and most countries have called for the project to be put on a halt.’
Zuckerburg gave a statement that this project, Libra, is been taken care of very cautiously by Facebook as he addressed that these projects are “sensitive for the society” and are meant to be very accurate and flawless.
The company, Facebook terms Libra project as a “Game – Changer” for the market and for the public, it will be a disruption for the existing financial payment system across the world.
Some of these systems were built in the 1960s and 70s, and while they’ve received upgrades since then, they often live on top of legacy, fragmented infrastructure.
said Zuckerberg, in the interview
The firm says that there is a need for so many intermediaries across the payment system, and Libra will prove to be a direct payment option, removing the need of these intermediaries. This will allow money to be flowing “real-time” across the world. He also added that it will also reduce the transaction costs and will be a great payment system.
Still, the question remains that when will be the Libra coin announced to be released. Let us know your views on this and if you believe that Libra will be a successful project in the comments section.