Facebook's Crytocurrency Won't Launch Till Next Year But A Dozen Accounts Are Already Selling It

Dhir Acharya - Jul 23, 2019

Though Facebook hasn’t even launched its Libra, it is already having problems with several fake accounts on its platform offering the cryptocurrency.

Though Facebook hasn’t even launched its Libra, the social giant is already having problems with several fake accounts on its platform which are offering the cryptocurrency, according to a Monday report from The Washington Post. The report revealed that while Libra won’t enter the market in the first half of 2020, there are already about a dozen accounts, pages, and groups on Instagram and Facebook.

In June, the social giant unveiled its global digital coin, which will be under the management of the Libra Association and via wallet service Calibra. Currently, the company is working alongside its 27 Libra launch partners including Spotify, eBay, Vodafone, Mastercard, Lyft, Coinbase, Uber, Visa, and PayPal. But its 2020 goal is that the Libra Association will have 100 members. The cryptocurrency is intended to be used in making donations, sending money internationally, and making purchases.

As stated by the report, the appearance of these fake Facebook accounts, as well as the fact that some of them are offering discounted Libra if users click on a link to another site, indicate how the social giant is struggling to regain trust while tackling fraud.

A-dozen-of-fake-accounts-are-selling-discounted-Libra-2 — A dozen of fake accounts are selling discounted Libra

Earlier July, the US Federal Reserve system joined worldwide politicians and lawmakers in concerns over Libra. Since its announcement, the cryptocurrency has faced pushback and skepticism, with European and US politicians expressing their concerns almost immediately, citing Facebook’s history of problems in data security.

Early this month, Calibra Head David Marcus said that the Libra Association commits to collaborate with regulators, lawmakers, as well as central banks to make sure that the cryptocurrency helps address existing problems in the financial system.

In one of his tweets, Marcus stated that the social giant announced Libra early so as to get feedback.

A spokesperson from the company told CNET Monday that it gets rid of pages and advertisements violating its policies as soon as it acknowledges.

Libra did not respond immediately to a comment request.