Today, Facebook announced the four official milestones that will be in place before launching the blockchain and cryptocurrency Libra. This comes in the wake of the Swiss financial regulator FINMA being in favor of the venture. They also mentioned that it is not their job to deter innovation like the Libra Stablecoin.
“We are much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyberspace and one day are too big to be stopped.”
To date, the media has been full of skeptical voices, both from EU finance ministers, US congressmen, private banks and payment intermediaries.
This summer, France’s Finance Minister Bruno LeMaire stated that Facebook’s Libra could not be accepted in its current form. Then the German Finance Minister followed up with a bill that actually prohibits a private “central bank-like currency” to be established in the country.
It comes as no surprise, that several of the largest banks in the world are skeptical of Facebook’s commitment to a new payment unit. As a result, they have no hurry to enter into a partnership with Facebook. The press has also speculated that the partners in the Libra Association, such as VISA and Mastercard are starting to get cold feet.
When critics start running out of ammunition, it is important to get on the offensive quickly.
Today, Facebook and Calibra presented four milestones that show the way to launch Libra. The first milestone is to sign up 5 partners who each will commit to running a full node in the network. The fourth milestone is that 100 partners each have their full node operational, and then the Libra stablecoin will launched into the market.
Here is the road map that they submitted to the press.
