Regulatory barriers, executives acknowledge that Libra may postpone the release

Bertrand Perez, managing director and chief operating officer of the Libra Association, told Reuters that Libra may postpone its release due to regulatory concerns around the world.

Three months ago, Facebook (FB.O) announced plans to launch the cryptocurrency in June 2020 and formed a Libra association to manage the project with partners including other US technology giants.

However, attempts to mainstream cryptocurrencies have encountered regulatory and political suspicions on a global scale, and France and Germany have consistently stated that Libra will be prevented from doing business in Europe.

Bertrand Perez said the association is continuing discussions with regulators in Europe and elsewhere to alleviate concerns.

  • In an interview at the United Nations Office at Geneva, Perez talked about Libra's scheduled release date in June 2020. He said: "When we announced the project in June, that was our goal. But postponed one or two. The quarter is also acceptable. It is important that we comply with the regulations of the regulatory body, we need to ensure that they are on the same boat as us and fully accept our solutions. We need to ensure that they work with us and that our solutions are complete. Satisfied. We know that we have to answer many questions from regulators on both sides of the Atlantic and the rest of the world."

With Facebook's expansion into e-commerce, Libra will be supported by real-world asset reserves, including bank deposits and short-term government securities, and will be managed by the Libra Association, which now has 28 members.

This structure is designed to increase trust and stability, and price fluctuations are plaguing cryptocurrencies, making them unusable for business and payments.

Last week, David Marcus, the Facebook executive, said in an interview that the company still plans to launch the digital currency in 2020.

  • “Our goal is still to launch Libra next year. Until then, we need to solve all the problems and create a suitable regulatory environment.”

To date, the Libra Association has lagged behind Facebook in the popularity of the project, but Perez emphasizes that the association is independent of Facebook, which will have the same voting rights as other members in the association's decision-making.

Other members of the Libra Association include Vodafone, PayPal, Mastercard and Visa.

Prior to joining Libra in May of this year, Perez was a senior director of PayPal Payment Engineering. He added: "It is well known that this project was incubated on Facebook and launched on Facebook, but at an early stage the project has decided that this should be a public product, not a single entity."

Perez finally stressed: "The Libra Association is clearly an association, not a subsidiary of Facebook."

This article from Reuters, the original author: Brenna Hughes Neghaiwi

Odaily Planet Daily Translator | Azuma

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The essence, risks and new opportunities of exchanges from the perspective of monetary finance

Why do you understand that the exchange must first understand the bank? Where are the new opportunities for the excha...

News

Twitter featured: Mancoin network suspected of being stolen 100 million US dollars, the official claims to maintain

01 CoinDesk Media News Lightning Labs released its first desktop application on the Bitcoin blockchain. Lightning Lab...

Blockchain

Beginner's Guide | Why choose a highly liquid exchange?

Source: Medium Translation: First Class (First.VIP) Liquidity is the most important concept that everyone needs to un...

Blockchain

FTX Bankruptcy Estate Bets Big $150 Million SOL and ETH on the Line as Sam Bankman-Fried's Trial Unfolds

It seems that addresses associated with the insolvent cryptocurrency exchange, which is currently being managed by a ...

Blockchain

Encrypted exchange: a combination of Nasdaq and investment bank

After the big bull market in 2017, cryptocurrency exchanges have sprung up on the line, according to incomplete stati...