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Facebook: Development of Cryptocurrency is More Difficult than Social Media

Kevin Weil, Vice President of products at Calibra Facebook said that the development of Libra cryptocurrency would not be as smooth as the development of Facebook’s social media. Despite carrying the big name Facebook, Libra is said to need time to have its own market.

“This (Libra) will not be something that spreads like social networking,” Facebook executive Kevin Weil said, as quoted by CNBC, Wednesday (11/06/2019).

Weil, also said that Libra would not be viral like Facebook, even taking decades to develop. But he is optimistic, the number of members of the Libra Association will increase, especially in the rules they do not have to use Facebook in Libra transactions.

Libra has been under intense regulatory pressure since it first announced plans to issue Libra cryptocurrency products mid-year. The Swiss-based Libra Association also revealed that Libra lost support from its main supporters including Mastercard and Visa last month.

But Weil is optimistic about other companies’ interest in joining Libra.

Libra will be a way for Facebook to expand in business, later the use of digital wallet outbreaks can save and exchange funds, including Libra. Weil also shows optimism that there will be many other digital wallets from small and large companies that can incorporate Libra into their transactions.

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