Libra Project Overview: Where Does The Stablecoin Stand Right Now?

Ever since Facebook announced its digital currency project earlier this year named Libra, there has been a growing variety of central bankers and policy makers who tried to push it back against its ambitions. The announcement which made the Libra news in June has followed a lot of responses about the entire Libra project overview.

For instance, the Vice Chancellor of Germany Olaf Scholz along with the Finance Minister of France Bruno Le Maire both and separately made it clear that they are not impressed with the stablecoin and that the issuance of currency is the exclusive duty of the state – and is intrinsic to the sovereignty of a nation. The irony is that not France or Germany have issued any currencies since 1999.

On the other hand, the Libra project overview also comes with a subsidiary called Calibra and set up in order to facilitate Libra. This project is based in Switzerland and has triggered Facebook to expect a more favorable reception in the United States. However, the CEO of Calibra David Marcus was summoned to Washington DC this July and was followed by the CEO of Mark Zuckerberg in another case in October – with a response that made sure that the social media giant had done enough networking.

There are many bodies who showed their disapproval for the Libra project. Libra got the backing from partners such as PayPal, Visa and Mastercard – only to find out that the majority of these backers were leaving the governing body months after they joined. The move was obviously due to the regulatory scrutiny, but did not discourage Facebook or make it leave its mission.
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New updates in the Libra project overview show that Facebook has no plans to hide from the regulatory scrutiny. The company is ready for the project despite the fact that similar ones are banned in China. The irony is that the ability of the Chinese state to influence Chinese companies does not have the same effect on US companies. On another note, China did announce its own Digital Currency Electronic Payment System (DCEP) and said that it has been developing it for five years.

What’s impressive is that more than 2.8 billion people were using at least one of Facebook’s products (WhatsApp, Facebook, Instagram or Messenger) in Q3 of 2019. With a market share that is so big, no one can close their eyes in front of the Libra project.