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Deloitte sees Facebook's Libra as “bold new proposition” to create global financial infrastructure

DeloitteToronto3/Flickr

Thu, 23 Jan 2020, 07:41 am UTC

Consulting giant Deloitte has shared its opinion on Facebook’s much-awaited cryptocurrency project Libra in a new report.

Facebook unveiled its ambitious crypto project last June with plans to launch Libra in the first half of 2020. However, the project drew flak from regulators across the globe who expressed concerns over the cryptocurrency posing a threat to the global financial system. The regulatory resistance is expected to push back Libra’s launch and has already led to the exodus of a number of project backers.

Deloitte, however, sees huge potential in Libra. In its report, entitled, “Libra: Shaping the evolution of financial infrastructure,” the “Big4” firm said:

“The Libra Project is a bold new proposition designed to create foundational financial infrastructure to simplify global money movement and commerce and to foster financial inclusion.”

Deloitte expects Libra’s success to depend on the cryptocurrency’s acceptance as a convenient form of representing and moving value across a wide range of goods and services providers. This, however, is subject to regulatory compliance of the project.

“Due to its collaborative framework to evolve financial infrastructure, the Libra Project could become a platform for innovation and, in so doing, enable new business models and create new opportunities for existing and future users all within a global, borderless context,” it added.

Deloitte further pointed out that the initiative has spurred conversations on digital assets around the world.

“The proactive attempt at regulatory and political scrutiny of the Libra initiative has created awareness and momentum in the form of dialogue and pushbacks around the role of digital assets in the global economy,” it added.

That said, the company listed a number of risk factors that need to be addressed for the project to be successful. This includes regulatory concerns, criminal usage, financial and economic stability, consumer protection and privacy, and tax implications, among others.

“The Libra Project is opening the door to the role of digital assets, and ecosystem participants may have a unique opportunity to help shape the path forward with conversations and reaction. Yet, the Libra idea is still more abstraction than tangible. The full blossom of its promise is expected to take time to be realized,” the report said.

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