New York (AFP)
Facebook will not launch its new Libra cryptocurrency before having responded to all the concerns of regulators, promises the head of the project within the American group, David Marcus.
"We know that we need to take the time to do things right, and I want to be clear: Facebook will not offer Libra digital currency until it has answered all regulatory concerns and received all the appropriate authorizations ", is it written in the text of a testimony which it must pronounce Tuesday before the American Senate and which was made public Monday.
The cryptocurrency, promised for 2020 by Facebook, raises more and more concerns among international regulators, central bankers and politicians. The subject is even on the agenda of a meeting of G7 finance ministers to be held Wednesday and Thursday near Paris.
US Central Bank (Fed) President Jerome Powell warned on Thursday that the study of the project by US financial regulators would take more than a year.
Mr. Powell "made it clear that the review (...) should take time and be thorough rather than being a sprint before the project is implemented," acknowledges Mr. Marcus in his testimony. "We totally agree."
"In fact, I expect this to be the broadest, most comprehensive, most cautious review ever made by regulators and central banks for launching a project in the new applied technologies sector. to finance, "he notes.
With the creation of this digital currency offering a new payment method outside traditional banking channels, announced in mid-June, Facebook wants to upset the global financial system. Which gives cold sweats to some states, worried to see private companies engage in this field.
But the independent entity that should head the multi-company Geneva-based Libra "has no intention of competing with sovereign currencies or entering the arena of monetary policies," says Mr. Marcus in his testimony.
This governance body, the Libra association, will also respond to all the regulations related to the new blockchain technology, which is the basis of many cryptocurrencies, as well as the laws against money laundering or data protection. users, he assures.
© 2019 AFP