Kevin Weil: Facebook’s effort will take decades to spread, but Libra will be worth it
A leader on Facebook has said that Libra will not spread in the same way as the company’s social network. Kevin Weil believes the social media giants’ cry into the crypto-asset space will take decades to become fully operational.
Kevin Weil sees no hindrance to the regulatory review and says that the expense for Libra will pay off in the long run.
Will the crypto-like offer of Facebook take decades rather than years?
According to a report in CNBC, Kevin Weil, Vice President of Product at Facebook’s digital Wallet Unit Calibra, said this week during the Web Summit Technology Conference in the Altice Arena and the Lisbon Exhibition & Congress Center in Lisbon, Portugal :
Facebook exec says libra cryptocurrency will not spread like a social network https://t.co/HTOLZzfZLU
– CNBC International (@CNBCi) November 5, 2019
That’s because the audience of the conference said:
“This will not be a thing that spreads like a social network. This will not be the work of years, but of decades and it’s worth it. “
Libra’s planned launch date for June 2019 has already been called into question. The project has attracted the attention of global regulators, who are worried about various aspects of the planned currency.
Some have objected to the potential of Libra as a means of financing terrorism. Others have argued that it poses a threat to the sovereignty of nation states. At a recent hearing in Congress, various members of the US legislative body attacked the Libra project.
Regulators’ pressure is believed to be backed by several key members of the original Libra Association, who withdrew their support a few hours before the first conglomerate meeting last month. Mastercard, Visa and other big names have all opted not to participate in the project, which has received little publicity from legislators around the world so far.
Despite the objections, Weil said he was still optimistic. He pointed out that there are still 11 organizations that form the Libra Association, adding that the “crypto” project is already months )
Finally, Kevin Weil admitted that some people might not like the idea of using a currency developed by Facebook:
“You do not have to use a Facebook product to get the greater value of accessibility and lower cost that Libra’s ecosystem brings.”
Text Proof: newsbtc