Facebook Uncertain about Libra Cryptocurrency Launch Due to Regulatory Scrutiny

Gigantic social network corporation, Facebook, has announced that its plan to launch a digital currency, Libra, may encounter certain obstacles. Regulatory scrutiny seems to be the crucial problem…

…at the time being, and due to the strong push-back from international regulators and authorities, the social network could be forced to postpone the launch. To make the situation even more difficult, the mixed response from the community questions the potential acceptance of such currency market-wide.

Huge Promises and Huge Issues

When the entire project with the new digital asset went public, Libra head, David Marcus, introduced this virtual currency as a low-cost and efficient payment tool for individuals who did not have the access to traditional means of transferring money. However, despite the big words and beliefs in the beginning…

…Facebook’s latest quarterly report was much more pessimistic. The company admitted that it couldn’t guarantee Libra “will be made available on time, or at all” due to several factors. As they clarified:

“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue. We do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services.”

Bright Future for Cryptocurrencies

Despite the fact that individual cases, such as the one with Libra may not look optimistic at the time being, the situation is much different when observing things from a wider perspective. As virtual currencies are slowly becoming a legit payment method which brings loads of new opportunities, the industry develops technologies and approaches…

…to support this growing demand. In our interview with Max Krupyshev, CEO of CoinsPaid, he neatly explained their company’s mission to make it easier for consumers to use "crypto as a payment method." Introducing this ground-breaking way of processing money on Ice London, the company saw the iGaming industry as the most suitable one to apply their philosophy.

Speaking of virtual assets, CryptoGamblingNews conducted research back in April which revealed that more than $1bn worth of the TRON cryptocurrency was gambled in the Q1 of the current year. The successful figures and the growing utilization of digital assets for gaming came as a result of the launch of ten decentralized establishments…

…that use the TRON blockchain. With the help of smart contracts, these venues simplify the complex voyage from the wallet to the gameplay by making it less perplexed. At the same time, they guarantee the integrity of funds and games, adding more value to a pleasant and trouble-free experience.

Source:

“Facebook Acknowledges Libra May Never Be Launched”, europeangaming.eu, July 31, 2019.