Following Facebook’s announcement of Libra, its “cryptocurrency”, the concerns of regulators and investors were voiced and this led the company to explain in a post that the project may never come to light.
Pessimism on the part of governments has certainly not helped, but Mark Zuckerberg has been open since the beginning in terms of advice and discussions, especially with regard to the bodies that regulate this type of activity.
Facebook’s concerns about Libra and the possible delay
The enormous media attention towards Facebook’s stablecoin has given rise to a number of concerns. According to several experts, the potential damage it could cause is catastrophic and a lot of fake websites have been created that promise to sell Libra even before its official release.
Among the leading figures most concerned about this event are the Secretary of the US Treasury Steven Mnuchin, the President of the Federal Reserve Jerome Powell, the member of the Executive Board of the European Central Bank Benoit Coeure and the French Minister of Finance Bruno Le Maire.
Facebook has thus stated in a quarterly report that Libra and its subsidiary Calibra may be significantly delayed or possibly never launched:
“In addition, market acceptance of such currency is subject to significant uncertainty. As such, there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all. We do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services”.
Facebook’s number one, Mark Zuckerberg, said the company will make every effort to answer all questions from regulators and experts in this field, trying to figure out how best to move forward with this project.
“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue”.
said Facebook in its statement to the SEC (Securities and Exchange Commission).