Regulators could delay Facebook’s Libra launch, says executive
Facebook’s launch of its Libra digital currency could be postponed in light of regulatory concerns raised from across the globe, says Libra Association’s MD Bertrand Perez, who thinks the group’s first priority must be getting regulators “fully onboard” with the new currency.
“The goal is still to launch Libra next year,” Perez told Swiss newspaper NZZ. “Until then, we’ll need to address all questions adequately, create a suitable regulatory environment.”
The June 2020 launch date, which Perez calls their “North Star”, was announced three months ago. But with countries such as Germany and France saying they will block Libra from operating in their continent, the association will have to review its approach.
But Perez isn’t surprised by the flurry of questions being asked “on both sides of the Atlantic, and from other parts of the world”.
Despite the alienation of some European countries, Perez insists discussions with European regulators are still in full flow and adds that a delay of one or two quarters would not be an issue.
For Perez, Libra Association’s success hinges on winning over the regulators. He told Reuters: “What is important is that we need to comply with the regulators and we need to make sure that they are on board with us and fully comfortable with our solutions.”
When it comes to Facebook’s relationship with regulators, Perez reminds people that Libra is independent and that Facebook will have its equal vote alongside the 27 other founding members.