Crypto Industry Awaiting New Surprises after Libra’s Failure

Facebook’s Libra has failed in regulations but the cryptocurrency is technically going well, especially after having passed tests, Al-Arabiya website reported, citing Ayman Al-Banna, senior advisor at MAG Consulting.    

“This will open the door of surprises widely before the cryptocurrency,” Al-Banna said.

In an interview with Al-Arabiya, the advisor said the cryptocurrency is witnessing great demand in the markets. “Most Uber drivers don’t have banking accounts, and a new cryptocurrency like Libra would be the best solution for them.”

He added that Libra Association’s failure to deal with legal and political challenges led some companies to withdraw, so Libra could not be classified as a payment system.      

“The cryptocurrency should be transferred into a “Manage Stable Coin”, and this would not help Facebook achieve its plan of introducing a global cryptocurrency,” the advisor said.   

Ueli Maurer, Switzerland’s President, earlier said Facebook’s Libra project has failed and should be amended before submitting it to regulators for approval.

Libra co-creator David Marcus said, “The potential regulatory issues could postpone the planned release date of June.”

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.