The launch of the Libra cryptocurrency is postponed, the head of the 28-member Libra Association Bertrand Perez told Reuters on Friday.
“We knew that we would have to answer lots of questions coming from regulators on both sides of the Atlantic, and from other parts of the world,” Perez said during an interview at the United Nations offices in Geneva.
Designed and incubated by Facebook, the Geneva-based 28-member Libra Association includes corporate behemoths such as Vodafone, PayPal, Mastercard, and Visa.Libra is essentially a cryptocurrency that aspires to guarantee smaller value fluctuations and can be used as a medium of exchange in transnational transactions and payments.
The executive leading the project on behalf of Facebook, David Marcus, has told the Swiss newspaper NZS that the plan remains to launch the currency within 2020.In an article published by Marcus on Medium, he argued that Libra will be a game-changer due to its planned linkage with the broader economy and “existing money networks.” The question remains when Facebook will be ready for launch.
In an interview with Nikkei last Thursday, Facebook’s CEO Mark Zuckerberg said that the coin’s rollout will happen when the company is ready to “get it right.” The original Libra project timetable envisaged launch on June 2020.However, concerted political action by the French and German governments as well as regulatory pushback from Brussels and Washington are getting on the way.
Facebook wants to leverage its worldwide network to create a personal and highly networked system-of-payments, that is, if the company manages to shake off the damage to public trust caused by the Cambridge Analytica scandal.And governments would prefer holding on to national currencies.New Europe Greece © COPYRIGHT 2019 NEW EUROPE | ALL RIGHTS RESERVED.We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements.
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