Facebook’s troubled Libra stablecoin is no closer to launching, after running into fresh opposition from regulators worldwide.
The Libra Association has a five-member committee to oversee the technical development of the project including Union Square partner Nick Grossman.
Blockchain is becoming central to so many industries, so much so that a recent study found it to be the most in-demand skill sought by employers in 2020.
Patrick Ellis of the Libra Association saying there was a lack of strategy around how and where the cryptocurrency will launch.
Known as the Managed Stablecoins are Securities Act of 2019, the bill would mean Libra was subject to the structures of U.S. securities law.
Speaking about Facebook Libra specifically, Bank of Japan Deputy Governor Masayoshi Amamiya said it was important to bear in mind “the potential global user-base could be enormous.”
With Facebook Libra not ready to be a part of a global financial network, Mastercard felt it needed to bow out of the project.
The Libra Association may have to submit further details about how the asset will operate before Australian regulators will permit a rollout in the country.
The Finnish government also emphasizes in its paper that an EU-wide framework for crypto should be adopted by financial regulators in order to ensure all countries are on the same page.
A logical reason why Facebook’s Libra should have been launched on regulation-compliant, Bitcoin SV (BSV) blockchain.