Mark Zuckerberg has made it clear that Facebook will not launch its Libra crypto until all the regulators have been brought on board and every regulatory issue resolved satisfactorily.
Since Facebook unveiled its Libra Cryptocurrency whitepaper and testnet, it has faced a lot of hiccups. As we reported earlier, various regulators and authorities around the world want to ensure that Libra does not see the light of day. However, Mark Zuckerberg said that his company will spend “however long it takes” to get regulators and others on board.
They want everyone to come on board before launching the Libra cryptocurrency project. Speaking in a quarterly earnings call on July 24, Zuckerberg assured investors that Facebook would act responsibly with its Libra development process. Libra is an ambitious crypto project revealed on June 18, 2019. It gets the description of a potential payments channel for the unbanked individuals worldwide.
Facebook worked with the “prospective members” of its governing council, the Libra Association. All these members had some involvement in the publishing of the Libra whitepaper last month to address issues about it. He added:
“We’re committed to working with policymakers to get this right.”
At first, Facebook said it wants to launch the stablecoin in the first half of 2020. However, the pushback from politicians and regulators has put the timeline into jeopardy. In response to the timing issue, Zuckerberg said the company’s approach to Libra is to launch an open dialogue.
Unlike several years ago when the company just launched new products, today it strives to detail what particular ideas and values they think the service will have. The CEO stated:
“We’ve opened a period of, however long it takes to address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is.”
Maintaining Focus
Zuckerberg’s sentiments echo statements earlier made by David Marcus, Facebook’s blockchain lead. He said that Facebook worked with the 27 other members of the Libra Association to publish the white paper and put the idea out there. The CEO explained that they were expecting that:
“This is a very important and heavily regulated area and that there were going to be a lot of questions. And we’re going to have to work through that”
Marcus used to sit on the board of crypto exchange and Libra Association member Coinbase. He testified before Congress earlier this month in back-to-back hearings trying to assure legislators that Facebook would not launch Libra until all regulatory issues are sorted. But, Marcus stopped just shy of promising to stop Libra development entirely.
Zuckerberg concluded:
next“We are trying to provide a safe and stable and well-regulated product, so that’s always been the strategy and we’ll continue to engage here.”