The Libra Project is a Decades-Long Marathon

Facebook spokesman Kevin Weil said he did not expect the Libra project to be widely used in the short term. In his opinion, such large-scale things need decades.

Weil believes that in our time, the global financial system is very much like the telecommunications industry 25-30 years ago. The fact is that this is a relatively closed system with practically no competition, that requires very large investments to enter.

Today, more than 1.7 billion people on our planet are not able to get high-quality banking services, therefore they are forced to keep their savings at home. The main mission of the Libra project is to create such an infrastructure where sending money to anywhere in the world will look like sending a message in a messenger.

“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,” Weil said.

Recall that the creators of the Libra project faced pressure from the financial regulators of the United States and EU countries. Against this background, some large members of the association left the project: Mastercard, Visa, eBay, Stripe and PayPal. According to French finance ministers, Libra will pose a threat to the country’s sovereignty. But Zuckerberg does not intend to give up, he recently announced that he will fight with the regulators as much as necessary.

Leave a Reply

Your email address will not be published. Required fields are marked *