Facebook’s founder, Mark Zuckerberg recently unveiled the social media’s giant ten-year plan. The vision says a lot about the company’s plan for digital commerce, and more importantly, its financial services. It doesn’t, however, say anything about its plan for the stalled Libra project moving forward.
Every new year of the last decade I set a personal challenge. My goal was to grow in new ways outside my day-to-day work…
In the unveiling ceremony, the Facebook Chief Executive Officer showcased a laundry list of activities and goals that the company seeks to achieve in the next ten years. Among the goals unveiled in the vision, are plans for the social networking Goliath to take advantage of the available opportunities to decentralize its business and finance activities.
In a post, the CEO noted that:
“Over the next decade, we hope to build commerce and payment tools so that every small business has easy access to the same technology that previously only big companies have had.”
It’s a vision that includes remittances via its WhatsApp platform, Messenger-based customer support, and Instagram storefronts. Facebook has already started pursuing some of these technologies. Zuckerberg stated that he was hopeful that the efforts being implemented by his company would assist in generating more opportunities around the globe.
The Libra Project
But even as he unveiled the vision for the next decade, one project was conspicuously missing from his list is Libra. Libra is a controversial stablecoin that was first announced in the summer of 2019 by Facebook, but which has since run into numerous troubles, with some EU countries being outright opposed to the idea.
But to be fair to this project, it’s important to note that Calibra, the social media platform’s subsidiary has among twenty consortium members who have joined hands to launch the project. Facebook continues to state that it will not have an active role in the project, if and when, it does get created.
The Libra Association is in charge of providing guidance on the direction that the project should follow. It’s an association that continues to tout itself as being on a path that will help to,
“empower billions of people through the creation of a simple global currency and financial infrastructure.”
The CEO has in the past tried to stay away from the project and is not involved in running the Libra Association.