Can Libra Be Revived And Launched As New Crypto Favorite?

The question that is trying to answer in the Libra news today is, can libra be revived after the Facebook CEO went on to the public to explain his goal to create a cryptocurrency of his own by launching Libra. Having confused the crypto community by banning crypto ads previously on the social media platform- Facebook,  Mark Zuckerberg didn’t really think this whole journey will be easy.

Libra was a sure shot to the popular Winklevoss brothers, who run the Gemini exchange and quickly became popular to the public initially for suing Facebook while claiming, “that Zuckerberg agreed to help the twins with their social network project, only to slow roll them and launch his own project instead.”

Zuckerberg could be entering a dead-end street after all. At First, France and Germany were among the first to start swift banning it if it was to happen, and the Swiss-based association started slowly getting out key members. PayPal, Visa, Stripe, Mastercard and Mercado Pago, were among the first high-end companies that fled first due to the regulatory pressure. As Jenny Corlett from the Aspectus Group stated:

 “At the recent World Blockchain Forum in New York, one of the speakers asked who in the audience thought Libra was likely to succeed in taking cryptocurrencies mainstream. About half the room raised their hands. He then followed with “who wants it to be Facebook that achieves this? All hands were hastily lowered.”

Lawmakers demonstrated their severe discontent and openly said they weren’t satisfied with Libra on October 23rd, when the U.S. House of Representatives Committee on Financial Services interrogated the CEO Of the largest social media platform Mark Zuckerberg. As Zuckerberg testified, his initial idea with the Libra stabelcoin was to serve the unbanked, and he stated:

 “I’m sure there are a lot of people who wish it was anyone but Facebook who were helping to propose this.”

Smartphone access worldwide stands at over 40 percent and it is expected to skyrocket in the developing countries rising around ten percent annually in places all across Africa.  Zuckerberg’s reasoning for Libra during his opening remarks at the hearing was to bank the unbanked, which according to the World Bank reports, that number stands at around 1.7 billion adults and could be the answer to the question: can Libra be revived and eventually used in the world?

With mobile and internet access being far greater than banking service access then it seems natural that a new digital option such as Libra will be used to transmit money and is potentially a good idea.