Kevin Weil, the vice president of products at Facebook’s subsidiary Calibra, has recently talked about the expansion of the main project of the company. According to him, the Libra stablecoin may take years, if not decades, to “catch on”.
He talked about it at the Web Summit, which happened this week in Lisbon, Portugal. Weil said that this is a work that is “worth making”, but it will be very hard and slow to build a real user base for the new digital asset.
Weil also claimed that the Libra Association is still determined to be a successful organization, despite losing some important members recently. He was talking about companies such as PayPal, Visa, and Mastercard, which decided to leave the association during the government crackdown that happened with Libra a few weeks ago.
However, he believes that the members which are still a part of the foundation are very focused on its success. Weil also pointed out that now the Libra Association is more than what it was 18 months ago because of their involvement.
During his presentation, he also affirmed that people won’t be forced to use Calibra’s wallet. Each user will have the freedom to use whatever wallet they like and the CEO of Facebook, Mark Zuckerberg, promised that the social media company will not interfere directly with the digital currency.
Curiously, private Libra wallets are already available. ZenGo, a developer from Israel, for instance, has just launched a wallet compatible with the Libra network a few weeks ago. If this catches on, we’ll probably have a lot of Libra wallets, something that may end up appeasing regulators a bit, as it will take some of the power away from Facebook and the association.