Facebook CEO Mark Zuckerberg made numerous media appearances in recent days assuring mainstream media that his company would be weeding out any fake news with regards to Covid-19 and that his fact-checkers would help ensure a fair election in the US later this year.
Meanwhile his Libra project is moving forward as well. He has rebranded the cryptocoin’s digital wallet, previously known as Calibra, and is hiring known regulatory advocates as his staff to guide the world’s first social media coin through the lengthy approval process with worldwide governments.
Link to Whatsapp
Buried deep inside the press release that explained why the Libra wallet needs to be rebranded (from Calibra to Novi) was a short sentence stating the coins interoperability with WhatsApp, the global messaging system.
This is an important development, as allowing WhatsApp users to link their Facebook and Libra accounts to the system could hypothetically also mean that they can send crypto coins to another address. Given that hundreds of millions of expats use services like Western Union to send money back home to their families and pay hefty fees for this, Zuckerberg is thus ensured of a worldwide usage for his new coin for which there is immediate and heavy demand.
Just think of all Eastern Europeans (Bulgaria, Romania, Hungary, Poland) working in Western Europe who line up at Western Union offices on payday to send money back home. Or do the same for Latin American workers in the US. That is a billion dollar money transfer which could thus be exchanged for crypto which both WhatsApp sides can use thanks to their Facebook accounts.
WesternUnion better hire someone to file a regulator’s complaint… quickly.
Furthermore, the WhatsApp money transfer also bypasses firms like Visa and Mastercard who had earlier committed to supporting Libra’s project development but then backed out because of pressure from the global banking system.
Robert Werner, the former director of the Financial Crimes Enforcement Network (FinCEN) and director of the Office of Foreign Assets Control (OFAC), has in the meantime been hired by Zuckerberg to guide Libra through the regulatory approval process in the US.
With the hiring of a former government official, Facebook is ensured that it now has an insider who knows exactly how to get a project like Libra approved by the various government officials.
“I am grateful for the opportunity to join the Libra Association, as we work to transform the global payments landscape to empower billions of people,” Werner said.
“I have dedicated my career to combating financial crime and helping complex organizations achieve regulatory compliance, both in government and in the private sector. I look forward to meaningfully contributing to such an impactful project.”
Whilst Apple and Google are raking in criticism for the Corona contact tracing app and it’s possible invasion to our privacy, Zuckerberg is making sure we will all be using his cryptocoin in the next few years.