Although Libra – Facebook’s cryptocurrency – will not be launching until 2020, reports were made that dozens of accounts are offering it via its own social media.
The many fake accounts on Instagram and Facebook are forcing the latter to “rebuild trust and fight the fraud likely to surround the new financial system,” says The Washington Post before even the coin launches. The concerns around the new global digital coin have started long before this incident. Lawmakers, politicians and others have repeatedly showed skepticism and doubts.
The digital coin will be managed by a governing body called the Libra Association and through a wallet named Calibra. Although Facebook aims for 100 partners, it’s currently working with 27 including PayPal, Visa, Uber, Mastercard, Vodafone, eBay and Spotify.
David Marcus, head of Calibra, informed the public at the start of July that the reason Facebook went live with its announcement of Libra so early was to initiate dialogue and get feedback on the implementation.
Facebook is reportedly fighting against the fraudulent accounts and removes ads and pages that violate their policies when they become aware of them. “We are constantly working to improve detection of scams on our platforms,” a Facebook spokesperson said.