Besides all the legal obstacles, Facebook’s cryptocurrency project, the stable coin Libra, continues to develop. A new update of the project revealed that more than 51,000 transactions have already been made in its test network.
Last week, the Libra Association published its latest update for developers. The update mentioned that the Libra Project is already underway for five months and is still “growing strongly.”
So far, developers have executed 34 projects on the testnet, including 11 Blockchain explorers and 10 wallets.
In addition, the Libra Association has also published a “primary pre-network” for testing purposes. The main pre-network is nothing more than a replica of the current main network. Currently, the primary pre network has 7 nodes in operation and another 14 are still in process.
Problems with regulators
Since Facebook announced its Libra project in June 2019, the project has faced legal problems to obtain approval. In recent months, the social media giant has struggled to deal with global regulatory authorities. In spite of the efforts of regulators, the project has not stopped developing.
The project faces several setbacks by regulators, even previous members have withdrawn from the Libra Association in recent months. This includes some important names like PayPal, Visa, and MasterCard.
All the legal problems facing the Libra project have caused Facebook to look for new alternatives to build a global payment system.
The company launched its new digital payment platform this month – Facebook Pay. The idea of the project is to allow users an easy way to transfer money between Facebook, WhatsApp, Instagram and Messenger platforms.