Facebook’s Libra Set to Become Another PayPal

When Facebook first launched Libra they laid out a grand plan to help reshape the financial system, that plan is now gone and they relaunch looks a lot more like another PayPal; “The original vision for Libra was one with wild crypto dreams of private money, free of regulation,” said David Gerard, a historian of digital currencies and author of Attack of the 50-foot Blockchain, to the FT. “This was never going to fly. Facebook is a real, touchable company. You can abuse people’s private information — but governments take the money very seriously.”; Libra 2.0 will no longer be a single currency but instead multiple digital coins backed by local currencies; the company also pulled back on being permission-less with approval now being needed to build on the network; legislators still have not warmly received the new version as they believe it is still too Facebook focused; “Even if this is scaled down, Facebook still has its detractors, especially in Congress,” said Ben Koltun, a Senior Research Analyst at Beacon Policy Advisers, to the FT. “The political barriers to Libra getting off the ground are still there.” Financial Times

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.