Since it was announced earlier this year, Facebooks cryptocurrency Libra has been dragged over the coals many times. And now it seems staff at the Big F are also apprehensive about its launch.
Internal interviews between Mark Zuckerberg and Facebook employees were leaked today, by The Verge, and appear to show unease amongst the ranks. Zuck called for staff to rally together against skeptics, critics, and the regulators.
But what about Libra? Indeed, staff made Facebooks plans for a digital currency a point of contention asking Zuck for more information. Herere three things we learned about Libra from the leaked interviews.
we want to work with traditional currencies. So we have a test going in India. Were working in Mexico and a bunch of other countries to have this rolled out broadly. The hope is to get that rolled out in a lot of places with existing currencies before the end of this year, Zuckerberg said to employees.
And we have this bigger, or at least more exotic, project around Libra, which is to try to stand up a new kind of digital money that can work globally, he added.
Libra has come under a lot of scrutiny since it was announced back in July, much of which has assumed it would launch as a token. With this statement it sounds like Libra is two things: a money transfer business and a digital currency. But, according to Zuck, some of us might get part of Libra before the end of the year, but it wont have the Libra token, thatll come later.
TNW has contacted Facebook in India to learn more about the test Zuckerberg mentioned, we will update this piece if we learn more.
But part of what were trying to do overall on these big projects now that touch very socially important aspects of society is have a more consultative approach, Zuckerberg said. So not just show up and say, Alright, here were launching this. Heres a product, your app got updated, now you can start buying Libras and sending them around.'
Indeed, it sounds like Facebook is actually trying to act responsibly we can decide if thats true later. According to Zuck at least, it seems that Libra was announced way ahead of launch on purpose. Letting the project undergo the intense scrutiny that it has and continues to go through, was all part of the plan.
This is going to be a long road. We kind of expected this, Zuckerberg told employees.
Zuckerberg said he wouldnt be surprised if [Facebook] ends up having similar engagements like this on other socially important things that [its] trying to move, like [its] big push to get towards more encryption across [its] messaging apps.
Indeed, when the conversation turned to brain-computer interfaces, which Facebook has been working on for a number of years now, Libra cropped up again.
Were trying to make AR and VR a big thing in the next five years to 10 years I dont know, you think Libra is hard to launch. Facebook wants to perform brain surgery, I dont want to see the congressional hearings on that one, the Facebook CEO said, and I agree with him.
With that in mind, it sounds like Facebook is taking all this Libra regulatory kerfuffle in its stride. If Facebooks resolve is as steely as Zuck makes it sound, it seems Libra isnt going away any time soon, even if we do keep asking it to stop.
If youre enjoying watching Facebook get grilled on an almost daily basis, it sounds like theres going to be plenty more opportunities to grab the popcorn in the future.
Want more Hard Fork?Join usin Amsterdam on October 15-17 to discuss blockchain and cryptocurrency with leading experts.
Published October 1, 2019 13:42 UTC
- Crypto Tidbits: RBC May Embrace Bitcoin, China Bashes Cryptocurrency, Ethereum DeFi Booming - newsBTC - November 17th, 2019
- Is a Cryptocurrency Derivatives Boom On Its Way? - Yahoo Finance - November 17th, 2019
- 2 men arrested in elaborate plot to steal $550K in cryptocurrency by hacking social media accounts - USA TODAY - November 17th, 2019
- This cryptocurrencys price just pumped 7,000%, but why? - Decrypt - November 17th, 2019
- The cryptocurrency market update: Bitcoin and major altcoins pass the time in ranges - FXStreet - November 17th, 2019
- Crypto-corruption In 2018, a major Russian cryptocurrency exchange lost $450 million in Bitcoin. Now, the exchange's founder is saying he transferred... - November 17th, 2019
- Big Canadian bank rumored to offer cryptocurrency accounts, Bitcoin trading - The Next Web - November 17th, 2019
- Switzerland gets another Bitcoin bank that holds cryptocurrency for customers - The Next Web - November 17th, 2019
- Banning Cryptocurrency Is Not On Indian Parliaments Winter Session Agenda - Inc42 Media - November 17th, 2019
- What Could Trigger the Next Cryptocurrency Alt Season? - Dash News - November 17th, 2019
- U.S. cant let criminals get the upper hand by using Chinas coming cryptocurrency - MarketWatch - November 17th, 2019
- China planning to reward its soldiers with cryptocurrency - FXStreet - November 17th, 2019
- Creativity and Value Will Win the Cryptocurrency Exchange Wars - newsBTC - November 17th, 2019
- Heres why the UK should launch its own cryptocurrency - Telegraph.co.uk - November 17th, 2019
- Cryptocurrency Exchange Bankruptcies Are the Failed ICOs of 2019 - BeInCrypto - November 17th, 2019
- Beware of cryptocurrency gurus like Dr Ruja and her OneCoin cult - Jim Duffy - The Scotsman - November 17th, 2019
- China to reward troops with cryptocurrency bonuses - Express - November 17th, 2019
- The cryptocurrency market update: Bitcoin and major altcoins are vulnerable to further losses - FXStreet - November 17th, 2019
- Helium is building a peer-to-peer internet-of-things network - Fast Company - November 17th, 2019
- Coinbase Announces its Upcoming Cryptocurrency IRA - The Merkle Hash - November 17th, 2019
- Three Classic Coins That Attempt To Preserve Existing Cryptocurrency Features - Bitrates - November 17th, 2019
- Cryptocurrency tracking improves -- but how? - FCW.com - November 9th, 2019
- Senator Romney Considers Action As A Nation On Cryptocurrency Threat To Homeland Security - Forbes - November 9th, 2019
- Why Is the Stellar Lumen Cryptocurrency Up 18% Today? - Motley Fool - November 9th, 2019
- Cryptocurrency This Week: Facebooks Marcus Terms Bitcoin Not A Currency; Regulation A Must, ... - Inc42 Media - November 9th, 2019
- Vancouver-based cryptocurrency exchange latest to shutter with millions owing to clients - Vancouver Sun - November 9th, 2019
- Governments race to beat Facebook's cryptocurrency, libra, at its own game: Don Pittis - CBC.ca - November 9th, 2019
- Cryptocurrency for Africa: Akon Reveals When He's Going to Launch His Own Coin - U.Today - November 9th, 2019
- Swell the News? XRP Drops 5% as Ripples Flagship Event Kicks Off - Cointelegraph - November 9th, 2019
- Why Are Cryptocurrencies Becoming a Mainstay of International Business Platforms? - CryptoNewsZ - November 9th, 2019
- Startup Targets Cryptocurrency Crime - But Will The Big Banks Come On Board? - Forbes - October 24th, 2019
- Major Bitcoin Miner Warns The Cryptocurrency Needs Better Privacy - Forbes - October 24th, 2019
- Why Cryptocurrency is in The Spotlight For More Central Banks - newsBTC - October 24th, 2019
- Cryptocurrency Mining Hardware Market 2019-2023 | Evolving Opportunities with Advanced Micro Devices, Inc and Baikal Miner | Technavio - Business Wire - October 24th, 2019
- Bank of Canada Warms To National Cryptocurrency, Will it Compete Against Bitcoin? - newsBTC - October 24th, 2019
- Facebook's Cryptocurrency Libra Could Threaten Alipay and WeChat Pay, Tencent Says - CryptoGlobe - October 24th, 2019
- Are Smart Cities The Pathway To Blockchain And Cryptocurrency Adoption? - Forbes - October 24th, 2019
- Where US Regulators Stand on Cryptocurrency - Bitcoin News - October 24th, 2019
- Europol: Bitcoin is the principal cryptocurrency used in the dark web - FXStreet - October 17th, 2019
- SEC puts a stop to Telegram's cryptocurrency plans in the US - Engadget - October 17th, 2019
- Alert: IRS Releases Long-Awaited Guidance on Taxation of Cryptocurrency Transactions - JD Supra - October 17th, 2019
- Chinas Global Cryptocurrency May Be on the Horizon - ETF Trends - October 17th, 2019
- As Facebook's libra faces headwinds, China is racing to launch its own global cryptocurrency - CNBC - October 16th, 2019
- Mastering Emotions and Managing Risk in Cryptocurrency Trading - Coindesk - October 16th, 2019
- Telegram might be forced to put its global cryptocurrency plans on ice - MIT Technology Review - October 16th, 2019
- Bitcoin Will Break Out Again in November, Suggests Cryptocurrency Trader - BeInCrypto - October 16th, 2019
- Theres A New Question On Your 1040 As IRS Gets Serious About Cryptocurrency - Forbes - October 16th, 2019
- An overview of Facebooks cryptocurrency supporters whos in and whos out - The Next Web - October 16th, 2019
- Cryptocurrency market update: Bulls swinging into action, Bitcoin, Ripple and Ethereum in the green - FXStreet - October 16th, 2019
- Another partner abandons Facebooks cryptocurrency - Marketplace.org - October 16th, 2019
- The New Guidance on Cryptocurrency - Accountingweb.com - October 16th, 2019
- The issuer of a star cryptocurrency is being sued for $1.4trn - The Economist - October 16th, 2019
- Casbaneiro is a threat to cryptocurrency in Latin America - Yahoo Finance - October 16th, 2019
- CipherTrace report: 87% of cryptocurrency trading is now traceable - FXStreet - October 16th, 2019
- Facebooks Blockchain-Based Cryptocurrency Libra: Everything You Need To Know - Forbes - October 8th, 2019
- Cryptocurrency: What to know about digital money - Fox Business - October 8th, 2019
- India must note that bitcoin is much more than a cryptocurrency - Quartz India - October 8th, 2019
- The Best Way to Play Bitcoin and the Cryptocurrency Market - The Motley Fool - October 8th, 2019
- 'We're closer than we've ever been' to bitcoin ETF approval, says Bitwise head of research - CNBC - October 8th, 2019
- The World's View of Cryptocurrency and Blockchain Is Rapidly Changing - Times of India - October 8th, 2019
- Have at It, Libra: Theres No Apple Cryptocurrency on the Horizon - Blockonomi - October 8th, 2019
- Cryptocurrency firm slapped with cease-and-desist after impersonating registered financial adviser - The Next Web - October 8th, 2019
- International exchanges campaign against UK cryptocurrency derivatives ban - The Next Web - October 8th, 2019
- 7 Top Cryptocurrency Traders to Follow on Twitter - BeInCrypto - October 8th, 2019
- Cryptocurrency buying and selling and how it works - What Investment - October 8th, 2019
- How Adoption Of Cryptocurrency Stablecoins Can Open Access To The 1.7 Billion Unbanked and Poor - Forbes - October 8th, 2019
- This Cryptocurrency Just Surpassed Bitcoin In One Key Adoption Metric - Forbes - October 2nd, 2019
- Will Facebook's Libra Overtake Bitcoin Cryptocurrency And The Ethereum Blockchain? How Will It Work? - Forbes - October 2nd, 2019
- Bitcoin has a massive carbon footprint. This clever new cryptocurrency doesnt - Digital Trends - October 2nd, 2019
- The Potential and Reality of Cryptocurrency in Video Gaming - Finextra - October 2nd, 2019
- Exploring cryptocurrency and blockchain in Iceland - Penn: Office of University Communications - October 2nd, 2019
- The cryptocurrency market failed to develop sustainable recovery, slips back into the red territory - FXStreet - October 2nd, 2019
- 24-Carat Cryptocurrency: Returning to the Gold Standard - Equities.com - October 2nd, 2019
- Dollar-pegged stablecoin Tether is now the worlds 4th biggest cryptocurrency - The Next Web - October 2nd, 2019
- BitPay to add support for XRP cryptocurrency later this year - The Block Crypto - October 2nd, 2019
- Fusions $6.4M cryptocurrency theft could be an inside job, firm says - The Next Web - October 2nd, 2019
- Algorand cryptocurrency lost 94% of its value in its first three months - Decrypt - October 2nd, 2019
- TalkTalk hacker's crypto assets auctioned off by police - IT PRO - October 2nd, 2019
- Justin Sun seeks Andrew Yangs attention with another cryptocurrency UBI pitch - The Next Web - October 2nd, 2019
- Russian Deputy PM Says He Supports a State-Backed Cryptocurrency - CoinDesk - August 25th, 2017