In its second quarter report the social media giant, Facebook, mentioned that there is a possibility that Libra will not be launched next year. This is due to numerous factors that are negatively affecting the launch.
The company understands that the adverse reaction of regulators to their new digital currency is important. This pushback began right after Facebook’s announcement in June of this year.
The company stated that Libra attracted much unfavorable attention from jurisdictions and central authorities and the company believes that this treatment will continue. On the other hand, the reaction of the market to Libra can be very unpredictable. Hence, it is not certain whether Libra will be launched on time or not, if it ever does.
Facebook is not experienced in the field of cryptocurrency and blockchain so developing and marketing the final product might be an obstacle for the team.
The leader of the project, David Marcus, stated that Libra is a convenient alternative tool for monetary transactions for those that can not afford the traditional methods. Facebook received scrutiny after revealing its plans for Libra in both the United States and overseas.
David Marcus already gave his testimony before the United States Senate Banking Committee as well as the House Financial Services Committee.