Facebook To Solve Hard Challenges Faced By Libra

[Paglamon]

If you are abreast of the latest cryptocurrency news, then you might be knowing the official project launch of Libra cryptocurrency by Facebook on 18th June. It focused on holding blockchain technologies for the growth of new steady cryptocurrency backed by fiat currencies. Facebook is working on its objective to provide help via easy access to digital payments for the people who are underbanked, globally. This popular social media platform is planning to make payment methods easy for sending as akin to message through digital platforms for the billion users all over the world. Facebook aims to make Libra more than just a new payment method but there are some major hard challenges faced by Libra. Now, what are these challenges, and how it can be curtailed? Let us discuss this blog.

Collaboration With Regulators
No matter there are billions of people globally using cryptocurrencies for trading or for buying and selling of goods and services. But what if a cryptocurrency becomes a questionable to national sovereignty. If you have been following Crypto news, then you will know that Bitcoin, howsoever, is a well-known crypto coin is still considered doubtful by many countries and is strictly banned. Because of this, countries like Russia, France, and the US are now seeing Libra as a new form of threat. The reason for Libra being backed by the support of fiat currency indicates its uniting with regulators either through regulated or licensed financial institutions.

Hence, it is regulator support seems very supreme. The absence of this support would bring down Libra’s potential. Besides this, this cryptocurrency might also get wiped off from legal status. So this becomes one of the hard challenges faced by Libra.
Source: Twitter and Facebook post   

[Leonardo]

In a related move, Facebook has changed its wallet name from Calibra to Novi, No from Novis (New) and vi from via (way). The name may suggest that Facebook has figured out a way to solve those challenges. Personally, I've never been a fan of Libra project. I don't hate the project itself. If it were developed by another company, I would have supported it.