Libra will take years, if not decades, to understand, says a Calibra leader.

The new stablecoin project will not be as big as social media, said Kevin Weil, vice president of products at Facebook subsidiary Calibra, at the Web Summit in Lisbon, Portugal. CNBC reported his speech.

"It's not going to be a thing that's spreading like a social network. It will not be years, but decades, and it's worth it, "said Weil.

Calibra's Vice President also said the Libra Association and its members remain committed, regardless of recent significant departures, including MasterCard and Visa. The initial 21 members signed a formal charter last month in Geneva, Switzerland. Weil said that Libra was only one idea, 18 months ago, but that she now has 21 members and one more "group looking to be involved" .

Weil told Web Summit participants that users would have more portfolios than Calibra, the Libra-specific portfolio that Facebook creates, from which to choose. US lawmakers recently expressed fears that Facebook will use Calibra for discriminatory or otherwise deplorable purposes during a congressional hearing on Libra, joined by Facebook CEO Mark Zuckerburg. .

Weil reiterated Zuckerberg 's audience statements, saying that other portfolio options would be available, which could still take advantage of "affordability and cost reduction generated by the". Ecosystem balance ".

Indeed, private portfolios are already available. Israeli developer ZenGo released a Libra-compatible keyless wallet, with no additional licenses, just two weeks after Facebook announced the stablecoin project in June.

Image Facebook / Balance via Shutterstock

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