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Facebook may postpone the launch of its currency encrypted Libra .. These reasons

2019-09-28T11:07:06.062Z



Bertrand Perez, managing director of the Liberia Union, said the launch of Facebook's Liberia cryptocurrency could be delayed to address regulatory concerns around the world.

Three months ago, Facebook announced plans to launch the cryptocurrency in June 2020, in partnership with other members of the Libra consortium set up by the US technology giant to manage the project.

But the attempt to spread the use of cryptocurrencies has been met with global regulatory and political skepticism ever since, with France and Germany pledging to prevent Libra from trading in Europe.

Perez said discussions were ongoing with regulators in Europe and elsewhere to ease concerns.

On the June 2020 date for the currency launch, Peres noted that "when we (the announcement) in June was our guide," he said a quarter or two-year postponement would not be a problem.

"What is important is that we comply with the requirements of regulators and be sure of their participation and full satisfaction of our solutions."

"We understand that we will have to answer many questions from regulators on both sides of the Atlantic and from other parts of the world," Peres said.

Libra announced as part of Facebook efforts to enter the field of e-commerce (Reuters)

What is Libra?
Announced as part of Facebook's e-commerce drive, Libra will be backed by real asset reserves, including bank deposits and short-term government securities, under the supervision of the 28-member bloc.

The structure is designed to strengthen confidence and contain volatile price fluctuations in cryptocurrencies, making them impractical for trade and payments.

Last week, CEO David Marcus, who is leading the project on Facebook, said the company still aims to launch the cryptocurrency in 2020.

The federation has so far played a lesser role than Facebook in managing the project, but Perez stressed that he is independent of the social media giant, which will have one vote, like other members of the federation's decision-making community.

The consortium also includes Vodafone, PayPal, MasterCard and Visa, and plans to include other members in the near future, including banks.

"It is known that Facebook was the incubator of this project and that it started, but at an early stage there was a decision that it should be in the public interest, not be controlled by a single entity," Peres said.

"The Libera consortium is clearly a consortium, not a Facebook unit," said Perez, who worked as a senior director of payments engineering at PayPal before joining the Libra project in May.

Source: aljazeera

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