In the last few months, we have heard from Facebook now and then that they are planning to launch their crypto platform, but it didn’t work out for them. Facebook has been facing issues with the users and government when it comes to storage of user data.
With their crypto platform, Libra and wallet service Calibra, Facebook was set to launch the product by mid-2020, but recently it has seen a negative response from the government. Government officials have questioned their user safety norms and regulations, and it’s not going well for them. Facebook in the latest report warned the investors that the launch plans might get delayed because of the pushback that they are seeing from international regulators and authorities.
David Marcus is the head of the project Libra, and it’s wallet Calibra. He assured everyone that Libra would be a low-cost and efficient tool for those who didn’t have access to the traditional means of transferring money. But the U.S. Senate Banking Committee was not satisfied with this testimony.
The U.S. President Donald Trump, Federal Reserve Chairman Jerome Powell, and U.S. Treasury Secretary Steven Mnuchin have raised concerns about Libra. These were supported by the French Finance Minister, Bruno Le Maire and Benoit Coeure, Executive Board Member of European Central Bank.