Facebook Libra May Be Set Back Until Further Notice

Facebook’s Libra cryptocurrency project would be delayed for years, Crypto News Flash website reported co-founder of Messari Company as saying.

Ryan Selkis said that Facebook and the Calibra team failed to recognize how much the new cryptocurrency would affect the global economy.

The project lost its most important partners such as Visa, Stripe, Mastercard, and PayPal on intimidation from the US Congress, Messari’s co-founder said.

He added that the only solution for Libra to succeed is to move from a basket of international reserves to some local stablecoins.

 According to a report from Blockchain Capital, the investment firm has stated that the Libra project would be approved to compete with the digital Yuan that is gearing up for the test phase in specific regions of China.

Partner institutions in China will develop the best method for using the Central Bank Digital Currency (CBDC).

Switzerland’s President Ueli Maurer earlier said Facebook’s cryptocurrency Libra has failed in its current form and should be amended in ordered to be approved by regulators, according to Reuters.

Ayman Al-Banna, senior advisor at MAG Consulting, said the cryptocurrency should be transferred into a “Manage Stable Coin” and this would not help Facebook achieve its plan of introducing a global cryptocurrency,

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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.