Facebook’s Libra 2020 launch plan still unclear
A report published by Reuters on Dec. 19, Facebook’s Libra project has no solid strategy yet for how or where it will be introduced next year. Libra still intends to launch next year despite having an unclear strategy for getting on the market.
Patrick Ellis, one of five board members for the Geneva-based Libra Association overseeing the digital currency project, Told Reuters Libra is on track to launch in 2020, but the scope of the roll-out depends on talks with regulators.
Ellis said in a phone interview —
“At this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out,” from Singapore.
The prospect of Libra gaining traction among Facebook’s nearly 2.4 billion users has raised concerns among regulators around the world, who are nervous that it could radically alter the global financial landscape.
Libra was exposed by Facebook in June. Officials running the project, including its head, have said regulatory hurdles could see the launch delayed.
“It’s just too early to put a solid strategy in place,” Ellis said. “We have still got so much to solve with the regulators in order to be able to then refine the strategy for launch.”
The latest broadside against Libra US Federal Reserve Governor Lael Brainard launched on Wednesday, saying it faced a “core set of legal and regulatory challenges” and that its concept “ stablecoin ” remained unproven.