Posted 1 year ago | by Ben Armstrong

Facebook continues to press forward with their Libra Association plans. Libra is the social media's cryptocurrency project. Announced in June 2019, Libra is scheduled to launch in 2020.

World leaders, like United States lawmakers and the European Union members, have been quick to criticize Libra. Citing privacy concerns for Facebook's 1.74 billion users across the globe.

Facebook's Mark Zuckerberg recently testified before U.S. lawmakers regarding Libra. While lawmakers were especially critical of Libra, Zuckerberg admitted that while people wished Facebook wasn't behind this, Facebook saw an opportunity.

Shortly after Zuckerberg's testimony, China announced their cryptocurrency plans. This was a surprising move given China's previous resistance to cryptocurrency.

Now Canada is looking into cryptocurrency. Canada has been open to cryptocurrency plans, but Canada acknowledges that with Facebook's intention to "dominate money",  the Canadian government must consider a new way of thinking. Facebook's "persuasive scheme to launch what was essentially a credible new global currency, kicked off a flurry of fresh activity that could transform the way we think of money".

Canada may be the first to acknowledge that Libra is essentially Facebook's way of launching "new global currency". U.S. Lawmakers have cited concerns of privacy, security and money laundering, but at the heart of it, Facebook's Libra project does hint at a global currency. This pushes governments to consider what role individual companies have when it comes to cryptocurrency.