Fri. Jul 10th, 2020

Facebook’s Libra virtual currency project is considering alternative plans to address global regulatory issues

2 min read

Facebook’s Libra virtual currency project is currently being opposed by regulators in many countries and regions around the world and requires Facebook to develop anti-money laundering measures. It is also due to regulatory issues that the founding members of the Libra Association, including PayPal, MasterCard, and Visa, have already announced their withdrawal from the Libra project. The withdrawal of these top institutions from the Libra Association has also made Facebook very anxious, and the company says it is developing special alternatives to address global regulatory issues.

Libra cryptocurrency

Libra Project Leader, David Marcus has previously participated in the US Congress hearings, and this person in charge is undoubtedly the most aware of the problems in Libra. A few days ago, David released a new discussion on regulatory issues in a group seminar, which was to abandon the dollar-based exchange and use the national currency in each country. The Libra project was originally intended to be linked to the US dollar by issuing virtual currency, and merchants and consumers can purchase virtual or settlements in dollars. Now that Facebook is considering issuing a number of stable currencies linked to the US dollar, the pound, the euro, and the national currency of other countries, Facebook hopes to solve the problem of cross-border transactions.

Originally, Facebook planned to launch the Libra project in June 2020. However, it seems that it is unlikely that it will be issued on schedule. David also said that if Liability cannot be resolved because of regulatory issues, Libra may not be able to go online as scheduled, and Facebook is still considering resolving regulatory issues and then launching products.