Mark Zuckerberg and David Markus are creating a new method of payment that is to be used for the Facebook platform entitled Libra that was meant to be released in 2020. Inherently, this is a new form of cryptocurrency that will be available to all two billion users of Facebook. But, recently, it has not been going as well as expected. This is demonstrated by the statements leaked from a private meeting among co-workers who are currently developing Libra.
Because of prior issues that Facebook faced with security, the general public, as well as numerous senators and politicians, adamantly oppose the creation of such currency. In general, politicians are the most outspoken adversaries of this new cryptocurrency. There are two sides to this issue to consider. On the one hand, according to Forbes, approximately half of the population believes that adding this cryptocurrency will help improve security at Facebook. Nevertheless, many are concerned about the power that controlling a popular form of cryptocurrency will have.
United States Senator Elizabeth Warren, for one, has been incredibly vocal concerning her discontent with Zuckerberg’s plans and actions. This was particularly the case after she heard him discuss her during the private meeting.
Despite the fact that Libra was meant to be Zuckerberg’s attempt at redeeming Facebook and correcting the direction of the company, it has clearly gone awry. Even though the entire company is under public scrutiny – particularly after David Markus’s unsuccessful meeting with congress – Zuckerberg maintains that the product is worth it. He explains that even when the public blows everything out of proportion, the reality is not nearly as bad.
Zuckerberg maintains that the Libra Association is currently exploring more ways to ensure the safety and security of the product. Furthermore, he explains that they intend to do everything in their power to prevent their currency from being used in illegal activities.
Nonetheless, no one really knows if the project will get off the ground. Many serious contributors to the project are wavering in their support. Furthermore, Zuckerberg has disclosed that the previously set deadline of June 2020 may not be attainable. This may be indicative of problems being more widespread than expected.