News

Zuckerberg says Facebook has a more cautious approach to Libra
NEWS
September 26  |  3 min read

Zuckerberg: Libra Is a Manifestation of New, Cautious Facebook Approach

The COIN360 Editorial Team

Today, in an interview with Nikkei, Facebook founder Mark Zuckerberg outlined Facebook’s new approach to launching projects, citing Libra as an example of the new strategy and admitting that the high-scale initiative is going to be “sensitive for society,” though still stonewalling on the exact launch day of the project:

“Part of the approach and how we've changed is that now when we do things that are going to be very sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback and work through the issues before rolling them out”

Previously Libra Association executive Bertrand Perez shared that a lot of “work” had to be done to meet regulatory requirements, but the team was committed to launching Libra on schedule, “between the end of the first half of the year and the end of 2020.”

In the meantime, the head of Calibra Wallet, Libra’s future main wallet, David Marcus published a Facebook post, unveiling the motivation behind building a new protocol and currency.

In his words, “Facebook took an ambitious route… because people all around the world deserve better.'' The company aims to provide a means “to move value at incredibly low cost” in real-time, without having to worry about the stability of one currency or another.

“Libra can be the ‘protocol’ that will enable fast, cheap, and stable money movement across service providers, institutions, and people all around the world.”

Additionally, Marcus noted the inefficiency of payment systems currently in place, pointing out the fragmented and limited infrastructure, lack of interoperability among systems, and the vast number of intermediaries that results in delays and “added cost at every step of the way.”

The Facebook-led project has already drawn quite a lot of attention to itself. Just 2 days ago, an IBM representative shared that the company is ready to support Libra, while the Bank of Japan called upon the establishment of international regulations. Nearly 2 weeks ago, after Bruno Le Maire claimed that the Facebook-led cryptocurrency project is threatening the “monetary sovereignty of states,” the French and German governments released a joint statement declaring that "no private entity can claim monetary power, which is inherent to the sovereignty of nations."