Mark Zuckerberg, the CEO of Facebook, has made some comments about Libra, the digital currency they are working on. He informed, for example, that they have a test going on in India and they are also working in Mexico.
The news outlet Verge released a series of discussions between Mr. Zuckerberg and employees at Facebook.
Mark Zuckerberg Talks About Libra’s Future
Back in June, Facebook announced a new digital currency called Libra that is expected to be released next year. This virtual currency is going to be backed by a basket of currencies that include the U.S. dollar, the Singapore dollar, the euro, the Japanese yen and the British pound.
At the same time, Facebook created the Libra Association with the support of large financial companies from different countries. Some of these firms include PayPal, Visa, Mastercard, Uber and Mercado Libre.
The tapes released by The Verge reveal how Facebook employees are concerned about the future of the company.
According to Zuckerberg, they have a current test in India and they are also working in Mexico.
On the matter, the CEO of Facebook commented:
“We have a test going in India. We’re 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.”
He has also talked about the whole Libra ecosystem and how they are planning to expand in the future. He explained that they have a bigger and more exotic project around the Libra initiative. They want to stand up a new kind of digital money that would work globally.
Facebook has also decided to announce the project prematurely to deal with all the regulatory issues that could arise over time. Many regulators around the world are worried about the effects that Libra could have on their monetary policies and sovereignty.
Zuckerberg explained they knew they were going to have a long way before being able to launch the virtual currency.
“We kind of expected this,” he said.
The virtual currency is expected to be used by Facebook users around the world. The most popular social media network has more than 2.4 billion monthly active users. This new project is expected to help users perform transactions in an easy way and without having to be worried about fees.
Individuals would be able to use the Libra digital asset from their Facebook Messenger application, through WhatsApp or using a dedicated wallet called Calibra.