- Facebook’s regulatory approach to Libra could get the project off the ground by the end of 2020.
- The new version of the Libra whitepaper makes the project less open and less decentralized.
Facebook was forced to go back to the drawing board after endless battles with regulators and lawmakers in regarding the launch of the grand Libra project. Following the regulatory backlash across the world the Libra Foundation has shifted the focus of the project to stablecoins and becoming regulatory corporative.
The foundation recently released a version of the original whitepaper which somehow washes down the idea of creating a global cryptoccurrency infrastructure. It has become apparent that Facebook is desperately for a way that lift Libra off the ground. The new paper now concentrates on seeking permission, stablecoins and regulatory nodes (VASPS).
Unfortunately, these changes are going to make the project less open as well as less decentralized. However, by taking a more regulatory oriented approach, Facebook can finally get the approval it needs to launch the project with its 2020 projection. Late last year, Facebook had already said that Libra was going to onboard multiple currencies and financial assets.
Author: John Isige
