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Facebook Committed to 2020 Launch of Libra Despite Regulatory Concerns

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September 13, 2019 | 

Darryn Pollock |  0 Comments| 

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Ever since Libra was made official in its launch to the world earlier this year it has faced a barrage of regulatory uncertainty. Everyone from the G7 central bankers, India, China, and the US Senate have had their negative pieces to say about the potential of Facebook having a sovereign currency.

This has put a massive damper on the potentially revo;utionalry project. Many saw Facebook’s Libra launch as the chance for cryptocurrency to be adopted by a huge swath of the population. Although, many had issues with the face that Facebook would be the one in charge of this. 

In fact, the US Senate was particularly concerned with Facebook previous reputation and demanded that they appease the multiple concerns around the regulation of this cryptocurrency before continuing. The latest hurdle has seen the French finance minister put his foot down and claim out right that France will not allow for the advancement of Libra on the European continent. 

This is of course concerning considering Libra is based in Switzerland and is looking to overcome the regulatory hurdle it has there, in the crypto-friendly nation. Currently, Facebook is applying for a Swiss payments licence. 

Despite all this, and warnings earlier that if the regulatory concerns were not dealt with Libra may never launch, the head of the nonprofit organization behind Facebook’s Libra digital currency has said the company is committed to launching it and clearing regulatory hurdles.

Not like Blackrock

In an interview with French news magazine Les Echos, Bertrand Perez, director general of the Libra Association, said the token should appear in the second half of 2020. 

Perez is still confident as he contests that Facebook is not looking to create a new supply of money, which is one of the allegations and concerns being leveled at the social media giant. The head went on to compare them to BlackRock, the world’s largest asset manager, saying the social media giant did not want to compete in that market.

“We don’t want to become a new BlackRock,” he told Les Echos, adding:

“That’s why these concerns about the destabilizing effect our reserve currency could have on central banks’ fiat currencies — which figure in our basket — seem unfounded to us.”

Taking time to address concerns

Even if Facebook is not trying to create a sovereign currency and make a new money supply, it still has a number of regulatory concerns to overcome. For instance, it will not be able to launch in China, nor India, and it has to traverse the entire globe otherwise. 

Nonetheless, Perez is confident that all the regulatory difficulties could be solved by the launch. 

“The year we’ve taken prior to release will allow us to iron out all the problems,” he added. 

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