Probably last year when Facebook announced its plans to launch Libra, a regulatory battle and a terrible pandemic that would stop the world were not expected. Now, after all the struggles, will Libra be delayed by the Coronavirus?
Regulatory pressure and political setbacks have put Facebook’s Libra on its worst nightmare. But now, like the rest of the world, the plans are steeped in uncertainty.
Facebook Libra suffers from Coronavirus
Covid-19 has terribly affected the world alike, completely stopping activities in many countries and taking too many lives.
This is how, as a result of the pandemic, most of the projects have been paralyzed, since it is not known exactly when the virus will pass.
Obviously this has had a major impact on people’s lives and even on the world economy.
Consequently, Facebook is not expected to be able to flee from the effects of the pandemic, just as it could not do so from regulators. In this way, it is most likely that Libra will be delayed by the Coronavirus.
And, the pandemic comes just at the time when Facebook and its partners were considering making changes to the Libra project under the regulatory and political scrutiny of the world.
Note that the Libra Association claims that it established Facebook to oversee the cryptocurrency, it is based in Geneva, Switzerland.
Therefore, like many other countries, Switzerland has taken measures due to the rapid increase in the number of cases they have observed. Accordingly, they urge people to stay at home, not to mention that the Federal Council has banned larger gatherings for five people.
And, in Switzerland there are currently 10,714 people infected and 161 people who have died from the Coronavirus. So the Federal Council urges people to stay home if they have any of the symptoms.
In addition, keep in mind that the members of the Libra Association are also struggling against adversity. Thus the Coronavirus may negatively impact Libra on Facebook.
We will help in the fight against the Coronavirus!
Thanks to an effort led by Facebook, several of the members of the Libra Association have also decided to join in a project called “The Zeal Alliance for Prosperity“
According to the Bloomberg announcement, the project will have the contribution of Coinbase Ventures, Andreessen Horowitz, Mercy Corps, Bison Trails Co., among others.
It will also have the objective of contributing to the overcoming of COVID-19 through the delivery of humanitarian aid, the facilitation of payments, and even through the granting of micro credits that will be offered through Celo Dollar.
So Libra may be delayed by the Coronavirus, but does it really surprise us?