Is
Libra
(Facebook's
cryptocurrency)
no
longer
in
the
game? In
June
2019,
Facebook
announced
its
ambitious
plan
to
launch
a
new
cryptocurrency
called
Libra.
The
aim
was
to
enable
people
around
the
world
to
connect,
access
financial
services,
and
participate
in
the
global
economy
without
the
need
for
traditional
banking
institutions.
However,
the
project
faced
significant
regulatory
and
legal
challenges
from
governments
and
policymakers
worldwide,
which
ultimately
led
to
its
derailment. In
October
2019,
Visa,
Mastercard,
PayPal,
and
other
important
partners
withdrew
from
the
project
due
to
regulatory
concerns.
The
move
was
a
severe
blow
to
Facebook's
plans
for
the
cryptocurrency,
as
these
companies
were
to
help
Libra
go
mainstream
by
facilitating
transactions
through
their
own
payment
networks.
Without
these
bindings,
Facebook
would
have
to
work
much
harder
to
convince
users
to
adopt
the
platform. In
the
months
after
these
withdrawals,
many
regulators
continued
to
express
concerns
over
the
project,
with
some
outright
banning
the
platform
from
operating
in
their
countri「领略更多 星座运程资讯请关注 :雪瑶星座分析网,WWw.ixUEYao.coM〕）es.
The
reasons
behind
the
apprehension
ranged
from
the
possibility
of
money
laundering,
terrorist
financing,
and
threats
to
financial
stability. In
April
2020,
Libra
underwent
a
significant
change
by
removing
the
original
plan
to
have
the
currency
backed
by
a
basket
of
currencies
and
financial
instruments.
Instead,
the
project's
new
vision
focused
on
creating
several
stablecoins,
each
backed
by
specific
single
currencies,
like
the
U.S.
dollar
and
the
Euro.
This
shift
helped
to
appease
critics
who
feared
loss
of
monetary
sovereignty. Despite
the
pivoting
of
the
Libra
Association's
plans
and
with
many
of
its
top
strategic
partners
having
backed
out,
the
project
has
still
not
received
approval
by
regulatory
bodies
around
the
globe.
The
roadblocks
have
caused
doubts
among
potential
investors
and
users,
leading
many
to
wonder
whether
Libra
will
ever
see
the
light
of
day. To
conclude,
if
Libra
were
to
launch,
it
would
be
a
game-changer
in
the
world
of
cryptocurrencies.
However,
with
regulatory
pressures
continuing
to
be
the
primary
obstacle,
it
seems
like
the
prospects
of
this
project
are
uncertain.
As
of
now,
it
remains
to
be
seen
whether
Facebook
will
persist
with
Libra,
or
whether
the
social
media
giant
will
walk
away
from
what
was
once
seen
as
a
groundbreaking
initiative.