A recent job listing by Facebook shows that the company is working towards advancing its blockchain vision. The opening is for a public policy manager that would help shape the company’s blockchain technology in the use of digital payments in the socio-economic development in the continent.
Even though the job ad did not mention Libra, the Facebook digital currency that has elicited a lot of controversy, many observers think that the job listing is linked with the Libra and Calibra, the associated subsidiary working on blockchain wallet for the cryptocurrency.
The position which would be located in London or South Africa demands extensive experience in blockchain and finance. The candidate would spend ample time travelling across the continent ostensibly in the quest to build a bridge between governments’ policies and that of WhatsApp.
Most Popular Messaging App in Africa
The messaging app is termed the most popular in Africa and with the Facebook digital currency aiming to bring digital payments close to under-banked and under-served, Africa seems to be in the sight of the company as a fertile ground, especially considering the fact that 10 percent of GDP in transactions are done through mobile money in the Sub-Saharan region of the continent.
Regulatory Hurdles
The Facebook Libra project is struggling to meet the concerns of regulators who are wary of the impact of a cryptocurrency which could have profound effect on the financial sector.
Some congressmen have already stated that it is equivalent to banking practice when corporations are allowed to engage in financial services. Another concern has been the fact that the Libra would be regulated from Switzerland.
Expected 2020 Launch Date
Libra is expected to be launched by Q1 of 2020 but that may be dependent on meeting compliance requirements. Calibra is already working on a compliance team that would oversee out a comprise sanctions lead, head of compliance and head of fraud.
There are up to 50 positions available to be filled such as public policy manager for Europe, the Middle East and Africa, according to its careers page.
