In a recent Facebook post, Mark Zuckerberg, the founder, and CEO of Facebook laid out his predictions for the next decade. In his Facebook post, Zuckerberg said that Facebook was planning to create tools for the ecommerce sector. The company will focus on tools that help small businesses access technology that was previously only accessible by large companies.
According to Zuckerberg, it will soon be possible to sell products via Instagram and offer support via Messenger. Additionally, customers will soon be able to send funds to their loved ones via Whatsapp. The result is that small businesses will essentially become tech companies.
While Zuckerberg talked about decentralization, it was not in the context of blockchain technology or cryptocurrencies. Instead, it relates more to the democratization of the ecommerce space. A concept that is already quite prevalent in Silicon Valley with various startups such as Uber have made their mark.
No Mention of Facebook Libra
For people in the crypto community that have been following up on the Libra, it was obvious that Zuckerberg did not mention the project once in his vision for the decade. Instead of talking about Libra, Zuckerberg chose to highlight other projects that the company was working on such as virtual reality and even the creation of a new community governance model.
One reason why Zuckerberg may have chosen to avoid Libra this year is due to the controversy it has raised amongst legislators globally. Various governments in most of the Western world, including the US and most of the major economies of Europe have all expressed concern about the project. There have even been calls for the project to be shelved by members of the US congress.
It would appear that due to the fallout from the initial announcement of the project, Zuckerberg is trying to distance Facebook from the project. In short, while Facebook will still be a core partner of the project, it does not intend to base its ecosystem around the project.
One of the major opponents of Facebook Libra on the global stage is the French government. The nation’s finance minister has expressed concerns that the project might undermine the monetary sovereignty of central banks globally. Another person who does believe in the project is the finance minister and the president of Switzerland, he recently declared the project a failure in its current form. This was a notable observation since the headquarters of the project are in Switzerland.
Besides external pressure, the Libra Association itself has been facing a lot of strife. The result was that various key members such as Visa and PayPal abandoned ship. However, all of them have expressed an interest in rejoining the project later.
Libra is Still On