With “no solid strategy” for launch, Facebook Libra has some ways to go before it’s ready for public release, according to a member of its board.
A Reuters report quoted Patrick Ellis of the Libra Association saying there was a lack of strategy around how and where the cryptocurrency will launch, and on what scale the initial launch will be. Libra has previously committed to launching in the first half of 2020, which would it roll out within a little over six months from today.
According to Ellis, the scope of any launch will ultimately depend on Libra’s discussions with financial regulators, many of whom have voiced opposition to the Libra proposals. He said, “At this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out. It’s just too early to put a solid strategy in place. We have still got so much to solve with the regulators in order to be able to then refine the strategy for launch.”
With 2.4 billion Facebook users potentially ready to embrace the stablecoin when it launches, financial regulators worldwide have expressed concern about the impact this could have on the mainstream financial system.
Some, including senior politicians in France and the United States, have suggested that there can be no approval for Libra’s plans in their current form, considering the project akin to the privatization of currency.
Sources close to the project have already admitted that these issues could push back the proposed June launch deadline, though this has yet to be officially confirmed by Libra or Facebook.
The comments are the latest blow to the project, which has seen a number of partner firms withdraw support in recent months, including payment giants PayPal, Visa and Mastercard.
With regulatory challenges still likely to pose a thorn in the side for Libra, it remains to be seen whether it can overcome the odds to meet its initial projected launch date in 2020.
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