For a long time now, Facebook has been attempting to establish a cryptocurrency of its very own, a currency that it refers to as Libra. This would help Facebook become a business that is not affected by factors that impact other marketplaces, and it would take Facebook closer to its goal of monopolizing a wide variety of aspects of the tech industry. However, Facebook’s efforts to work on Libra have been impeded time and time again by regulatory agencies that don’t like the thought of Facebook having this much control over markets, and in the wake of these constant delays the social media giant has decided to tweak its approach.
While Facebook is still going to be working on Libra, the company will be pivoting its focus to a certain extent. Instead of creating a wallet that is solely for the purpose of storing Libra, their own currency, Facebook will be looking into making digital currencies available. The whole point of this is to make transactions easier to conduct over their own platform, and if people can have digital wallets that contain digital versions of dollars, rupees or any other currencies that they are dealing in.
This will help Facebook become more important to the world in terms of conducting transactions over the internet, and it will position Facebook to be more powerful when more and more transactions are conducted in this manner. However, it will remain to be seen whether or not Facebook will eventually manage to end up getting Libra off the ground, something that is starting to appear far less likely now that so many regulatory authorities are in its way, along with the sheer lack of support that Facebook seems to be getting from major players in the game who pulled their support after seeing how many roadblocks Facebook was facing in its attempts to get its very own cryptocurrency off the ground.
Facebook seems to be playing the long game here so it may not be all that concerned with how long it will be before its cryptocurrency is launched, although time is definitely a factor to consider.
Read next: New Survey Reveals People Don’t Know About Tech Monopolies
While Facebook is still going to be working on Libra, the company will be pivoting its focus to a certain extent. Instead of creating a wallet that is solely for the purpose of storing Libra, their own currency, Facebook will be looking into making digital currencies available. The whole point of this is to make transactions easier to conduct over their own platform, and if people can have digital wallets that contain digital versions of dollars, rupees or any other currencies that they are dealing in.
This will help Facebook become more important to the world in terms of conducting transactions over the internet, and it will position Facebook to be more powerful when more and more transactions are conducted in this manner. However, it will remain to be seen whether or not Facebook will eventually manage to end up getting Libra off the ground, something that is starting to appear far less likely now that so many regulatory authorities are in its way, along with the sheer lack of support that Facebook seems to be getting from major players in the game who pulled their support after seeing how many roadblocks Facebook was facing in its attempts to get its very own cryptocurrency off the ground.
Facebook seems to be playing the long game here so it may not be all that concerned with how long it will be before its cryptocurrency is launched, although time is definitely a factor to consider.
Read next: New Survey Reveals People Don’t Know About Tech Monopolies
