Despite A 2020 Launch, Facebook’s Libra Has No Solid Strategy To Be Rolled Out
According to a member of the board responsible to oversee the Libra project, a solid strategy is yet to be developed on how and where the Libra cryptocurrency will be launched in the coming year, Reuters reports.
Patrick Ellis who is a board member of the Libra Association which is tasked to issue as well as govern the operations of the virtual currency, revealed that the launching of the Libra crypto, anticipated to be in June, will depend on the outcome of the negotiations with the regulators.
Ellis stated that currently there was no set strategy either for the markets as well as the cryptocurrency itself on how it will be launched.
The Libra project has rattled the financial regulators and authorities from across the world due to the prospect that it could be used by Facebook’s 2.4 billion users. The authorities are nervous that it has the capacity to change the world’s financial landscape.
The Libra project which is led by Facebook among other notable firms was unveiled in June this year. Since its inception, the project has faced numerous challenges from policy makers across the world which could lead to a delay in its launching.
Ellis stated that it was still too early for the board to come up with an elaborate strategy as they still have lots of issues to work out with the regulators before they can come up with a fine launching strategy.
The Libra project has faced various hurdles led by the US Congress who are questioning how the users data will be handled and whether it will be safe following the recent controversies that have rocked Facebook. The Congress has urged for a halt of the project until all the raised issues are resolved conclusively. On Wednesday Lael Brainard, Fed Governor, added the latest voice against the project stating that it was facing crucial legal as well as regulatory challenges. Brainard also stated that the concept of the stablecoin is still unclear and unproven.