Patrick Ellis, a member of the Libra Association, said today that there was no clear strategy for how or where The Libra project, Facebook’s digital cryptocurrency, would launch next year. Libra Coin Association is headquartered in Geneva and is responsible for the launch and operation of Libra.
In a telephone interview today, Mr Ellis said Libra was due to be launched in June next year, but the scope of the launch depended on negotiations with regulators.
“At this stage, there is no established strategy for the market or the product, and there is no certainty as to how it will actually be rolled out,” Ellis said. Ellis added: “It’s too early to come up with a solid strategy.” We still have a lot of issues that need to be addressed with regulators in order to be able to refine our launch strategy. ”
Facebook has been under intense regulatory pressure since it first announced its Libra scheme in June. Six founding members announced their withdrawal from the Libra Association in October, as central banks, finance ministers, legislators and privacy protection agencies around the world challenged Libra coins and listed a number of issues related to Libra, including money laundering, terrorist financing and financial stability. Paypal, Visa, Mastercard, eBay, Stripe and Mercado Pago.
Bertrand Perez, chief operating officer of Libra, also said in October that Facebook had originally planned to launch Libra in the first half of next year. Today, however, that date may be adjusted to comply with the relevant regulations. “For such a big project, and for our great vision, it’s not going to make a fundamental difference if it’s delayed or launched a few quarters in advance,” he said. ”
Yesterday, Federal Reserve governor Lael Brainard also lashed out at the Libra project, saying it faced “a core set of legal and regulatory challenges”, including transparency on how to tie it to a basket of underlying assets.