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Back in 2018, a beta version of the payment system was launched in India. But due to problems with storing and exchanging data, the official launch of the service was postponed. India has approximately 400 million WhatsApp users, so it is strategically important to Facebook.
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Despite opposition from governments around the world, the project is still ongoing. Facebook, the developer of the Libra cryptocurrency, has announced the appointment of Ian Jenkins as CFO of the digital payment system.
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The G7 project says digital payments can improve people's access to financial services, increase efficiency, and cut costs. But such payment services must be properly regulated so as not to undermine financial stability, consumer protection, privacy, taxation, or network security.
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Facebook is creating a division within the company led by David Marcus, that will work on payment initiatives and integrate payments into Facebook products
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Libra continues negotiating with the Central Banks to develop a regulatory framework. The association is still planning to release a multi-currency stablecoin
