Slow down the plan? Facebook says it may never launch Libra

Facebook reminded investors in its latest quarterly report that although the company expects to launch the Libra digital currency by 2020, there are many factors that could prevent this from happening.

In the risk factors section of the report, Facebook stated that it recognizes the importance of negative responses from legislators and regulators since the project was announced in June.

In a document submitted to the US Securities and Exchange Commission (SEC), Facebook stated:

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“Libra has been scrutinized by a number of jurisdictional governments and regulators, and we expect this review to continue.”

“In addition, there is a great deal of uncertainty about the acceptance of this currency in the market. Therefore, we cannot guarantee that Libra or our related products and services will be provided in a timely manner, or not at all. We have not used digital currency or The extensive experience of blockchain technology may mean that we have a lack of ability to successfully develop and market these products and services."

Libra and Facebook Calibra's digital wallet project leader David Marcus said Libra will be "a more efficient, lower cost, and more secure payment tool for those who are unable to use traditional transfer methods."

Since the disclosure of Libra and Calibra's plans last month, the company has been criticized by US and overseas government officials.

Earlier this month, Marcus testified in the US Senate Banking Committee and the House Financial Services Committee, and received questions from members of the House and Senate.

US Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell also expressed concerns about Libra, while French Finance Minister Bruno Le Maire and European Central Bank Executive Director Benoit Coeure also expressed reservations.

A Facebook spokesperson told CNBC on Monday that the company will openly cooperate with all parties from now until the launch of the product.

“We know that starting Libra will be a long journey, and we can't do it alone. Libra's success is inseparable from the involvement of managers, decision makers and experts. That's why Facebook and other members of the Libra Association have long been involved. Publicized our plan."

Facebook CEO Mark Zuckerberg made similar comments on a conference call with analysts on Wednesday. He said that if it was a few years ago, the company is likely to only exert its strength in launching products.

“The current approach is to make clear the concepts and values ​​that we believe a mature service should have. No matter how long it takes, we must take the lead in resolving the questions of regulators, experts and stakeholders, and then find out what is driving this service. The best way."

In view of Libra's regulatory obstacles, Facebook's conclusion in the quarterly report submitted to the SEC is likely to appease the regulator's “slow plan”, and Libra will be launched in the future. As for when and where, this remains to be seen. Observed.

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