Facebook’s latest foray into cryptocurrency, which it is calling Libra, has been the talk of the tech world for the last few days. The social media giant is planning to launch Libra in 2020 but company COO Sheryl Sandberg has said that the coin is still a “long way from launch”.
Chief Operating Officer of Facebook, Sheryl Sandberg. Image: Reuters
In an exclusive interview with Bloomberg, Sandberg said that regulators have concerns about Facebook’s new cryptocurrency. "We're already meeting with them. We know we have a lot of work to do, but this was an announcement of what we would like to do with a roadmap for people to jump in and help us do it," she said in the interview.
Sandberg mentioned that the Libra Association, which will handle the coin, will be based out of Geneva and it will comprise of 27 companies including the likes of Visa, Mastercard, Uber, Spotify and more. She also mentioned that this association will not be reporting to Facebook and would remain an independent entity.
“Libra is an announcement of what we would like to do with a roadmap for people to jump in and do it,” said Sandberg.
The Libra cryptocurrency and the announcement of the Facebook Calibra digital wallet have, on the one hand, met with misgivings as to Facebook's intentions, the extent of power it will wield, and the privacy implications of the initiative.
The name “Libra” comes from Roman weight measurements, the astrological sign for justice and the French word for freedom, said David Marcus, who heads the project for Facebook.
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