Regulators and politicians have significantly delayed the launch of the digital currency. Zuckerberg explained that Libra would not be launched until it was safe, stable and regulated.
Facebook CEO Mark Zuckerberg says that the company will spend all the time that is needed to get the participation of regulators and others before launching the Libra cryptocurrency project.
During a quarterly earnings call held on Wednesday, July 24th, 2019, the founder of the large social network company tried to assure investors that Facebook would act responsibly with the development of Libra. Facebook’s ambitious cryptocurrency project was revealed in June as a potential way of payment for unbanked individuals.
Facebook worked with the possible members of its governing council, the Libra Association, to publish its White Paper in June, in order to answer questions on the issue. Zuckerberg said that they were committed to working with politicians to do this well.
In the beginning, the company said that its goal was to launch the currency in the first half of 2020, but the setback from regulators and politicians has put into question the intended deadline.
In response to an analyst’s question about the best moment, Zuckerberg said that Facebook’s approach to Libra is trying to keep a very open dialogue. He explained that, unlike a few years ago, when the company could have launched a new product, Facebook now tries to detail specific ideas and values that they believe should have an eventual service.
The executive added that they have opened a period of time, for as long as necessary, to address the questions of regulators and the different experts and constituents on this issue, and then determine the best way forward. He assured that that is what they certainly plan to do with Libra.
He noted that they had worked with the other 27 members of the Association to publish the White Paper in order to present the idea, hoping that it was a very important and heavily regulated area and that there were many questions. He highlighted that they will need to devote as much time as necessary to working on that.
Keeping the message
Zuckerberg’s comments echo the statements of David Marcus, the CEO of Calibra. As it is known, this company aims at launching a digital wallet that will allow users to have access and participate in the Libra network.
Marcus, who used to sit on the cryptocurrency trading board of directors and is now member of the Libra Association, testified before the Congress on July 16th, 2019, in back-to-back hearings, in an attempt to assure lawmakers that Facebook would launch Libra only when all regulatory questions have been answered.
However, Marcus did not promise to stop the development of the cryptocurrency completely. He believes that Libra will allow achieving an important economic evolution, since unbanked citizens will be able to enter digital economy with just using low-end Smartphones.
Zuckerberg concluded on Wednesday, July 24th, 2019, that Facebook is trying to provide a safe, stable and well regulated producer. Since that has always been the strategy, he promised that they will continue working on it actively.
By Willmen Blanco