Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

Libra Might Never Enter the Market - What Threatens Facebook's Currency?

3 min reading
Libra Might Never Enter the Market - What Threatens Facebook's Currency?

Facebook plans to launch its digital currency called Libra as soon as in 2020. However, it warns investors that many factors can prevent the project from succeeding.

Threats to Libra

Facebook, the most popular social media platform, published a quarterly report which presents threats to the new digital currency project on July 24. It reports that since the release of plans for the Libra cryptocurrency, the platform has received significant protests from public officials in the US and abroad.
Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue.
- said Facebook in its application to the Securities and Exchange Commission. David Marcus, the head of the development of Calibra digital wallet, testified before the United States Senate Committee On Banking earlier this month. At the hearing, US secretary of the Treasury Steven Mnuchin and Federal Reserve Chairman Jerome Powell expressed their concerns about the Libra currency. The reservations were made by French finance minister Bruno Le Maire and a member of the board of the European Central Bank - Benoit Coeure. Facebook also adds that the market acceptance of this currency is subject to considerable uncertainty, so it can not be guaranteed that Libra will be made available in a timely manner, or if it will become available at all. The platform emphasizes that it has no previous experience related to digital currencies and blockchain technology. Lack of experience in this field may adversely affect the effective development.

Facebook wants to cooperate

In a statement for CNBC on Monday Facebook's spokeswoman announced that the platform would openly cooperate with all interested parties:
We know that the journey to launching Libra will be a long one and that we cannot do this alone. Engaging with regulators, policymakers, and experts is critical to Libra’s success. This was the whole reason that Facebook along with other members of the Libra Association shared our plans early.
- said the spokeswoman. Facebook's CEO Mark Zuckerberg gave a similar opinion:
Now the approach on all of these fronts is to outline the ideas and the values that we think an eventual service should have, leave open a period of however long it takes to address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is.
Currency Exchange rate Buy cryptocurrency

Maximise your Metaverse potential,
giving you daily rewards and a passive income of 0.5% daily

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net ( Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.