Libra lost most of the big names in e-commerce after it came under scrutiny in October last year. Marketplaces like eBay, coupled with payment processors like Mastercard and Visa and online processors like PayPal and Stripe, abandoned the project, which questioned the stable coin’s ability to secure the right partnerships.
While Facebook is working hard to convince regulators about Libra’s security, it is also working on other payment plans like WhatsApp Pay and Facebook Pay. The operation of an e-commerce store could be a grueling task if there is no easy-to-use payment system. Libra will enable merchants to create a wallet where payments could be made instantly with little or no charges. The system will also allow the merchants to withdraw their funds at local banks or ATMs in fiat currencies.
The United States government, the European Union, and other regulatory agencies want to ensure that the new currency won’t tamper with users’ privacy, weaken countries’ power in the financial market or be a money-laundering haven for terrorists. Of course, before any of the big plans could come into place, Libra still has a lot of convincing to do.