- Facebook’s digital currency, Libra, seems to be coming to an end even before getting released.
- Facebook CEO Mark Zuckerberg said that the Libra Foundation is handling Libra, and it not directly linked to the social networking website.
- Zuckerberg admitted that it is a risky project and would seek US regulatory approval before releasing it.
Recently, Facebook CEO Mark Zuckerberg said that the Libra Foundation is handling Libra, and it not directly linked to the social networking website. Facebook has already started to look for alternative payment options, such as Facebook pay and WhatsApp payments.
Zuckerberg further added that Facebook is looking into payments app as “there are lots of different segments for what people are trying to do.”
When asked about the WhatsApp payment that started in 2019, Zuckerberg said that it would come under Facebook pay. It would let the users enter their credit card details and can purchase anything from any store that comes under Facebook. Zuckerberg also mentioned that Libra payments likely to boost facebook’s Ads Business. With the arrival of libra we can say that crypto advertisers will not need to search for how to learn facebook ads for Crypto anymore.
Zuckerberg also told that the WhatsApp payment feature, which has already undergone trials in India in 2018, would be launched in other countries within the next six months. They will be targetting high population density countries such as Indonesia, Mexico, and India.
On the Libra initiative, Zuckerberg commented that
“We are taking multiple approaches on payments where things like what we’re doing with payments and WhatsApp or Facebook Pay overall are built on top of traditional payment infrastructure, whereas the longer-term work that we proposed around Libra that’s now being handled by the independent Libra foundation.”
He also stated that the firm is working on creating a digital wallet that will work with Libra. He said that most companies that make payments are national and based in a country without any incentive to make this work all over the world.
It is something where he thinks that Libra could add. He stated that Facebook aims to make it easier to make and receive payments for smaller businesses.
Recently, lawmakers have criticized Libra, stating that being a decentralized currency could be used for money laundering. Zuckerberg admitted that it is a risky project and would seek US regulatory approval before releasing it.