October 22, 2020

Opinion: Libra adoption could stretch for decades

Opinion: Libra adoption could stretch for decades

Calibra Project Vice President Kevin Vale at the web summit of one of the largest European technical The conference noted that the company continues to fight for its new financial product.

According to him, Zuckerberg believes that the launchThis project may take years, if not decades, and that this will require a long journey of coordination and negotiation with regulatory authorities. After a three-hour interrogation in the US Congress last month, Zuckerberg said he would not act until regulators approve the project.

Facebook hopes to develop a new ecosystem around Libra, where everyone can create financial products that are not controlled by any one commercial organization, even Facebook. Vale said:

Some people are reluctant to use a financial product created by Facebook.

However, the technical work on Calibragoes on. Vale confessed that he already has an installed prototype application on his phone. Zuckerberg and the Libra wallet engineers see this as a project “to provide the world with cheaper banking services. Vale added:

At Calibra, we are inspired by the opportunity to provide financial services to more people around the world and their cost.