The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Facebook’s Libra isn’t finished yet

The political and regulatory backlash has driven leading payments companies out of the Libra association, but a new version of the revolutionary stablecoin may yet appear.


No fintech initiative has ever had such an extraordinary impact as that of Facebook’s Libra.

The mere announcement of a plan to launch a reserve-backed, blockchain-based stablecoin representing a new world currency immediately drew hostile reactions from governments concerned at loss of sovereignty, from central banks worried about financial system stability and alarmed at the potential reduced impact of monetary policy, and from financial regulators worried about money laundering.

More positively, the project has motivated central banks to intensify their own efforts towards setting up digital versions of their own national currencies.


Mark Zuckerberg,

In October, Facebook felt the impact of this backlash when most of the established payment companies – Visa, Mastercard, Stripe, Mercado Pago and eBay – that had been due to join the Libra association withdrew their support, reasoning it was not, after all, in their best interests to antagonize central banks and regulators.

The first assumption after the leading payments firms withdrew from the Libra association was that the project is now doomed thanks to its close association with Facebook’s toxic brand and widespread distrust of the company, which had done such a poor job of presenting itself as merely one partner among many in the Libra association.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?