David Marcus, who heads Facebook's development of the cryptocurrency Libra, hopes it can unlock financial services for 1.7 billion people around the world. Regulators aren't so sure.
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The night of June 18, David Marcus and his team at Facebook pulled an all-nighter as they prepared for a big company announcement the next day. They'd spent the past year working nights and weekends, developing Libra, a digital currency that would make it as easy and cheap to send money across the world as it is to send an email. The promise was enormous: Facebook was billing Libra as a way to unlock financial services for 1.7 billion people around the world who lack access to traditional banks. Not only that, but the opportunities to build products and businesses on top of the Libra network could be endless.
— David Marcus October 11, 2019 "The pressure has been intense , and I respect their decision to wait until there's regulatory clarity for to proceed," he said.'Why wait?'Marcus said there would have been a cost to waiting to release Libra."If you look at the people who currently are underserved or not served at all, who live on the margin of our financial system because they can't afford the cost of our current financial system, why wait?" Marcus said.
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