In today’s cryptocurrency news, we are focusing on Facebook and the much awaited Libra coin. The head of the social media giant was recently featured in the news, stating that the coin is “sensitive for society” and that the company is taking a much more careful approach to it than its previous projects.
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Mark Zuckerberg was a guest in an interview with the Asia-based news outlet Nikkei on September 26, where he showed a rare display of fear in the face of the ongoing regulatory scrutiny for the long awaited stablecoin.
As we can see from the latest Libra coin news, Facebook’s digital currency has come under fire from many governments around the world. This was mainly because of the pre-issued white paper appearing several months ago and showing the features of the coin. Ever since then, the high-profile regulatory hearings have failed to quash the negative reactions. All in all, governments fear that Libra will undermine the fiat currency systems.
As Zuckerberg told the source, Libra coin is “sensitive for society” right now. His full statement looked like this:
“Part of the approach and how we’ve changed is that now when we do things that are going to be very sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback and work through the issues before rolling them out.”
On the question of launching and expanding, the Facebook CEO noted that “that’s a very different approach than what we might have taken five years ago. But I think it’s the right way for us to do this at the scale that we operate in.”
The critics are everywhere. Now that the Libra news show that the project is sensitive for society, we can expect even more weird comments from the public and potential regulators. Luckily, this won’t stop Facebook from working on the cryptocurrency.
After all, there are many people backing Libra. One of them is the CEO of Coinbase, Brian Armstrong, who recently tweeted:
“Libra is one of several important crypto projects on the horizon with the potential to improve the world. Whether it works or not still remains to be seen, but I find the backlash to it a bit odd and misguided.”
All in all, Libra could appear by the end of 2020. However, Zuckerberg did not commit to any timeframe.
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