Web Summit 2019: Facebook talks about the future of Libra and cryptocurrencies

The Web Summit 2019 is currently taking place in Lisbon, and this one of the most important events in the world of technology. During the event, many of the big tech companies make revelations of their plans for the road ahead, and during one of the conferences held so far, a Facebook executive named Kevin Weil spoke about the future of cryptocurrency, namely Libra, he also stated that the crypto effort could take several decades to complete.

Facebook statements at the Web Summit

For those who don’t know him yet, Kevin Weil is the Vicepresident of product for the Facebook Calibra digital wallet unit. The CNBC made a report about the statements offered by this executive during the Web Summit 2019.

“This is not going to be a thing that spreads like a social network,” Stated Kevin Weil.

Because of this, the launch of Libra has been questioned, as it had originally been said that it would arrive in June 2020. This project caught the attention of many global regulators, who were restless about cryptocurrency projects, and some of them have severely objected to Libra.

At a recent hearing in Congress attended by Facebook CEO Mark Zuckerberg, several members of the US legislative body attacked the proposal. In fact, it is thought that some of the backers of the Libra association withdrew, some large companies such as Mastercard, Visa, and other big names have decided not to participate in the project because it has not progressed as expected for some time.

Despite the hardships, Weil said he is still optimistic about the future of the project. He raised the fact that there are still 21 organizations that make up the Libra Association. During his conference at the Web Summit 2019, he said that Libra’s main use will be remittance 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 that way, regarding the latter, the executive 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.”

Fabrizio Bulleri

Site Manger and Editor-in-Chief at Xiaomitoday.

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