Facebook’s GlobalCoin project, also known as Project Libra, may face significant hurdles as the social media giant works toward a prospective launch.
Despite reports that Facebook is gearing up to reveal its new cryptocurrency as early as next week, a source with knowledge of Facebook’s operations said the project’s software has a long way to go until it can be used. Sources attribute the delay to blockchain industry incumbents being reluctant to work on a project that doesn’t appear to have the hallmarks of a true cryptocurrency.
One source estimated that early 2020 would be a more realistic timeframe for testing, so any imminent announcements would merely be forward-looking plans.
Based on conversations with seven knowledgeable sources, CoinDesk confirmed Facebook’s plan is to connect users’ financial information to their personal Facebook profiles. Such data would likley be under Facebook’s control, hosted in company databases.