Unannounced with great fanfare last year, Facebook's cryptocurrency has not yet arrived and has also lost more than one piece in recent months but now the time seems ripe
As early as next January, Libra, Facebook's cryptocurrency, could arrive. It wouldn't be the same virtual currency of which there was much talk in the past, but a mini version, lighter in order to meet the demands and concerns of the regulatory authorities.
Despite the complex economic situation at global level, cryptocurrencies have recently returned to the spotlight thanks to a renewed interest from the public that sees a new possibility of gain and as much security in a completely virtual currency. This could therefore be one of the reasons that finally pushed Libra towards its final debut, a year and a half after its formal presentation in July 2019, despite the halo of uncertainty that continues to shroud the project that has been postponed several times during its albeit brief history.
Libra, when Facebook's cryptocurrency arrives
According to reports from the Financial Times, the cryptocurrency launched by the Libra Association should finally debut in January 2021, although a precise date has not yet been confirmed. Still holding the currency at the pole is the need to receive approval from FINMA, the Federal Financial Market Supervisory Authority, which will have to validate the operation as a payment service.
Libra, the obstacle course of Facebook's virtual currency
At undermining Libra's path, slowing the timing of its debut in the financial world, were also the losses along the way of some important founding members. Among them, online transaction giant PayPal, online shopping platform eBay and one of the most important members of the finance industry, namely Mastercard.
Of course, although the presence of other partners such as Spotify or Uber still give a certain security to the project, the turnabout of names of a certain caliber has called into question the work of the Libra Association, tarnishing in a rather strong way its image within the industry and among future users.
Libra and Facebook, many controversies along the way
At this point, as many experts in the field have been able to point out, Libra's biggest problem remains its founding father: Facebook. The social network is and has been, even recently, at the center of several grits with the justice system - one among all the issues related to privacy not being protected as required by lawmakers - so much so as to cast doubt on the reputation of the cryptocurrency even before its birth.
Despite the attempt to distance itself from such a turbulent parent, Libra will hardly be able to completely cut the red thread that connects it to the platform, an issue that in the long run could become an unsustainable burden.