Is
Libra (Facebook's cryptocurrency) no longer in the game? In June 2019, Facebook announced its ambitious plan to launch a new cryptocurrency called Libra. The aim was to enable people around the world to connect, access financial services, and participate in the global economy without the need for traditional banking institutions. However, the project faced significant regulatory and legal challenges from governments and policymakers worldwide, which ultimately led to its derailment. In October 2019, Visa, Mastercard, PayPal, and other important partners withdrew from the project due to regulatory concerns. The move was a severe blow to Facebook's plans for the cryptocurrency, as these companies were to help Libra go mainstream by facilitating transactions through their own payment networks. Without these bindings, Facebook would have to work much harder to convince users to adopt the platform. In the months after these withdrawals, many regulators continued to express concerns over the project, with some outright banning the platform from opera「领略更多 生肖月份查询资讯请关注 :含笑生肖性格网,wWW.iMHAnxiaO.cOM」ting in their countries. The reasons behind the apprehension ranged from the possibility of money laundering, terrorist financing, and threats to financial stability. In April 2020, Libra underwent a significant change by removing the original plan to have the currency backed by a basket of currencies and financial instruments. Instead, the project's new vision focused on creating several stablecoins, each backed by specific single currencies, like the U.S. dollar and the Euro. This shift helped to appease critics who feared loss of monetary sovereignty. Despite the pivoting of the Libra Association's plans and with many of its top strategic partners having backed out, the project has still not received approval by regulatory bodies around the globe. The roadblocks have caused doubts among potential investors and users, leading many to wonder whether Libra will ever see the light of day. To conclude, if Libra were to launch, it would be a game-changer in the world of cryptocurrencies. However, with regulatory pressures continuing to be the primary obstacle, it seems like the prospects of this project are uncertain. As of now, it remains to be seen whether Facebook will persist with Libra, or whether the social media giant will walk away from what was once seen as a groundbreaking initiative.