The Libra cryptocurrency network continues to expand even when it has not even been officially released to the market.
According to a recent blog post released by Libra, since September 17, 2019, they have processed more than 51,000 transactions on their testnet.
This comes at a moment in which regulators are still undecided about how to properly regulate the Libra cryptocurrency. Indeed, Heath Tarbert, chairman of the U.S. Commodity Futures Trading Commission (CFTC) informed that it is not yet possible to establish whether Libra is a security.
Libra Grows Amid Regulatory Uncertainty
Despite the current regulatory uncertainty in the market, the Libra ecosystem continues to grow at very fast rates. The network has already logged over 30 projects processing more than 51,000 transactions between September and November.
Regulators around the world have been calling for hard regulations against Libra. However, during a conversation with CNBC, Mr. Tarbert explained that while Bitcoin (BTC) is clearly not a security, Libra is a different product to analyze.
He stated that they are not ready to classify Libra when it is being developed and there is no clear idea of how it could eventually work.
During the conversation, Tarbert explained that the United States remains far from being a leader in the cryptocurrency market. There are currently other regions and jurisdictions that have established clear rules for cryptocurrencies and blockchain technology, something that the U.S. is still discussing.
According to previous reports, the Libra digital asset would run on top of Facebook, WhatsApp and a dedicated application that would allow users to send and receive payments in a fast and easy way. Eventually, the transactions may not have fees.
There are dozens of companies that have shown interest in the project and decided to join the Libra Association.