Sunday, May 19, 2024

Facebook wants to take Libra Crypto Project

Facebook allegedly wants to take a different approach to the libra project in which it develops its own crypto coin. In a modified design that is being worked with partners, the network also accepts other cryptos.


It is therefore about the coins that central banks would like to issue. With this, Facebook also wants to win over several supervisors, who are still reluctant, for the plan.

When Facebook unveiled the libra project, it said it was planning to create one global digital currency. This would allow anyone worldwide, including the 1.7 billion people who do not have a bank account, to transfer money anywhere in the world with the same ease as sending a text message. In the plan, Facebook cooperates with the Libra Association, the consortium behind the digital currency.

Eight months after the launch of the plan, Facebook and the Libra Association are investigating the possibility of a redesign. Even after the libra project hit a wall of opposition. Facebook says in a response to remain ‘fully involved’ with the project. According to the Libra Association, nothing has changed about the goal of building a global payment network.

Teodora Torrendo
Teodora Torrendo
Teodora Torrendo is an investigative journalist and is a correspondent for European Union. She is based in Zurich in Switzerland and her field of work include covering human rights violations which take place in the various countries in and outside Europe. She also reports about the political situation in European Union. She has worked with some reputed companies in Europe and is currently contributing to USA News as a freelance journalist. As someone who has a Masters’ degree in Human Rights she also delivers lectures on Intercultural Management to students of Human Rights. She is also an authority on the Arab world politics and their diversity.

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