Facebook intends to launch Libra in the fourth quarter of 2020

Facebook intends to launch Libra in the fourth quarter of 2020

The Libra project continues to develop

More and more central banks around the world are controlled by their own specific projects in blockchain technology. Private entities are also advancing in the development of blockchain technology through applications created on the network that offer blockchain solutions to different current problems. One of the most important private companies that finds a project based on blockchain technology is Facebook: in June 2019 Facebook announced the launch of the white paper of its own stablecoin called Libra, which, although it has not yet been launched, continues to develop.

During an interview with Central Banking this April 28, Dante Disparte, vice president of the Libra Association, explained the structural benefits that the implementation of blockchain provides: “We remain very committed to blockchain architecture as a distributed registration technology for this project. Without it, the project does not achieve many of the efficiencies: the low-cost structure and interoperability for which it is designed. "The launch of Libra is scheduled for the fourth quarter of 2020, by which time it is expected to have solved the main problems facing the project: regulation, organization and preparation to move from testnet to the main environment.

According to Disparte, the role that blockchain technology plays is more important than cryptocurrencies for innovation: “The aspect of cryptocurrency is not the key dimension of innovation. The real breakthrough is creating the protocol level for value transfer. That is the great contribution of Libra. Without blockchain at the core, it is very difficult to achieve that openness that we are trying to develop at the wallet level and at the user level."