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Facebook: Libra project could be shelved

Social media giant Facebook recently released a new report on in-house developments. Facebook has announced that the Libra project is likely to be shelved in this report.

The company’s report on the second quarter of this year is a very striking note about the Libra project. The Facebook Libra project has been reacting to many people so far, emphasizing that the government officials are not very warmly looking at this project. The report that Facebook sent to the US Capital Markets Institution (SEC) has a note about Libra:

“Libra has received a response from many different states and regulators, and it seems that we will continue to react.”

So far, Facebook has really managed to react to many regulators.

Among the names criticized the company’s digital monetary Project Libra, US President Donald Trump, several members of the US Congress, some Federal Reserve officials. Facebook issued an announcement a few weeks ago, explaining that the Libra project would not be served to India in case of implementation. The reason why the company did not take Libra to India is because of the Local Government’s implementation of various sanctions against crypto-coins.

If the Libra project continues to receive an intense response from other countries, Facebook seems to be completely shelving this project.

-OBN

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