Kevin Weil, Facebook’s planned digital cryptocurrency, Libra, will not spread as quickly as social media platforms, and it will take decades to perfect, Kevin Weil, facebook’s vice president of product for digital wallets, said today. “It’s not going to spread as quickly as social networks do, it’s not something that can be done in a few years, it’s something that needs to be refined over decades, but it’s worth it,” Weir said today at the Web Summit technology summit. ”
Facebook has been under intense regulatory pressure since the Libra plan was first announced in June. Last month, the Libra Association, which oversees the project, also lost supporters of several initial members, including Mastercard and Visa.
But Mr Weir seems optimistic that other companies will join Libra. “18 months ago, Libra was just an idea,” he said. But today, we have 21 members to support. In the future, more organizations will be involved. As a result, this number will continue to grow. ”
Libra’s value will be linked to a basket of government currencies and debt to maintain its stable value, similar to many so-called “stabilized currencies” designed to avoid the volatility of digital cryptocurrencies such as Bitcoin. Facebook says its main purpose will be to send money, which consumers can send across borders.
Mr Weir said Libra would address some of the problems currently sending money abroad. For example, the average cost of current remittances accounts for about 7 per cent of total transactions.