• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin crypto libra
Nexo Logo

Facebook’s Crypto Effort Will Take Decades to Spread but Libra Will Be Worth It, Says Exec

Rick Delafont by Rick Delafont
3 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

An executive at Facebook has said that Libra will not spread in the same way that the company’s social network did. Kevin Weil believes that the social media giant’s foray into the crypto asset space will take decades to fully roll out.

Weil is also not perturbed by the intense regulatory scrutiny into the planned digital currency. He claims that Libra will be worth the hassle in the long run.

Will Facebook’s Crypto-Like Offering Will Take Decades Rather than Years?

According to a report in CNBC, Kevin Weil, the vice president of product at Facebook’s digital wallet unit Calibra, gave his thoughts about the planned “crypto” during the Web Summit technology conference held at the Altice Arena and Lisbon Exhibition & Congress Centre in Lisbon, Portugal, this week.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Facebook exec says libra cryptocurrency won't spread 'like a social network' https://t.co/HTOLZzfZLU

— CNBC International (@CNBCi) November 5, 2019

Weil told the conference’s audience:

“This is not going to be a thing that spreads like a social network. This is going to be the work not of years but of decades, and it’s worth making.”

Already, Libra’s planned launch date of June 2020, detailed earlier this year, has been brought into question. The project has grabbed the attention of global regulators who are uneasy about various aspects of the planned crypto-like currency.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Some have raised objections about the potential for Libra to be used as a means of terrorist financing. Others have argued that it represents a threat to the sovereignty of nation states. In a recent Congressional hearing attended by Facebook CEO Mark Zuckerberg, various members of the US legislative body attacked the proposal.

In fact, pressure from regulators is believed to be behind several key members of the original Libra Association withdrawing their support just hours prior to the conglomerate’s first meeting last month. Mastercard, Visa, and other big names have all decided against being involved in the project that has so far attracted little  but criticism from lawmakers around the world.

Despite the objections, Weil said he is still optimistic about the project’s future. He raised the fact that there are still 21 organisations comprising the Libra Association. He added that the “crypto” project had already come along way in the last 18 months and he was expecting the number of Libra Association members to continue to grow.

Like Zuckerberg during the Congressional hearing, Weil reiterated that the primary use case for Libra would be remittance payments. The executive believes that a system like Libra would allow those sending money overseas to make substantial savings over more traditional money transfer services. However, Weil, like Zuckerberg, did not really give a solid reasoning as to why there needed to be an entirely new digital currency to facilitate fast global payments.

Finally, Weil also acknowledged that some people might not like the idea of using a currency built by Facebook. After stating that it was “OK” for people to feel like that, he said:

“You don’t have to use a Facebook product ever to get the greater value of the accessibility and lower cost brought by the libra ecosystem.”

 

Related Reading: Bitcoin Price Leaning Overbought After Run to $9,500, Pullback Possible

Featured Image from Shutterstock.
Tags: facebooklibraLibra Association
Tweet123Share213ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

bitcoin performance

Bitcoin Ready For Fireworks? Long Positions See Uptick This 4th Of July

1 hour ago
Bitcoin Stagnates As Whales Continue To Dump

Bitcoin Stagnates As Whales Continue To Dump

3 hours ago
Solana

Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact

8 hours ago
ViaBTC’s Sixth-Anniversary Events Come to a Successful End, Bringing Tens of Thousands of Users to a Crypto Carnival

ViaBTC’s Sixth-Anniversary Events Come to a Successful End, Bringing Tens of Thousands of Users to a Crypto Carnival

8 hours ago
Litecoin

Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze

11 hours ago
Bitcoin

Bitcoin Struggles At $19K, Is $17K The Next Target?

12 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

GBEX: The exchange token of a “new kind”.

July 4, 2022

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 2022

MetaBitcoin (MBTC) attracts investment from Dubai’s first royal crypto fund, Alawad Fund

July 4, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.