Sun, July 21, 2024

Facebook’s cryptocurrency project Libra

Facebook and its cryptocurrency project

There are so many cryptocurrencies that someone may think that there is a lack of space for new projects. However, this is not the case as private and governmental organizations are working on digital currency projects. One of the most anticipated cryptocurrencies is Libra.

This digital currency is unique as the idea, and the project to create such a cryptocurrency belongs to Facebook. In less than six months after officially announcing this cryptocurrency is already facing a lot of questions.

The exact date when Libra will become available to the public remains unknown. It is surprising as it facing scrutiny from U.S. lawmakers and government officials. There is a concern regarding the place of registration which is outside of the U.S. This and other questions may delay the release of Libra for an unspecified amount of time.

Several days ago, the CEO of Facebook Mark Zuckerberg had a meeting with U.S. Senate members. He met with Senate Democrats to discuss the problems associated with Libra. He reassured the lawmakers that Libra wouldn’t become available until it receives the backing from U.S. officials.

On September 26, Zuckerberg gave an interview to Japanese newspaper Nikkei Asian Review. He said that the launch date of Libra is not determined yet. It means that Libra’s launch may even not happen in 2020. He stated that this is a sensitive topic for society, and before making this decision, they will try to address the problems.

Cryptocurrencies on Friday

Libra is an interesting cryptocurrency. However, it may take more than a year before it will be able to compete with Bitcoin, Ethereum, and other cryptocurrencies.

At the moment, Bitcoin is the number one digital currency on the market. During the last several days it is struggling to cope with problems. Right now, Bitcoin’s price is $8.128.

Bitcoin is not the only major digital currency which is in a tough position. Another one is Ethereum. On Thursday, it was unable to break the resistance above $172 and $175 levels. At the moment, Ethereum’s price is $166.

Libra is a promising digital currency. Facebook and its partners should find a common language with authorities to launch Libra in 2020.


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