Regulatory Pressure Could Prevent Facebook’s Libra from Launching | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
The intense scrutiny from regulatory agencies, governments, and central banks globally regarding Facebook’s Libra, could just be the end of the company’s stablecoin project. According to a report by CNBC, Facebook revealed in a recent filing with the U.S. Securities and Exchange Commission (SEC) that plans to launch Libra in 2020 could be delayed or might not happen at all.
Facebook Libra: To be or Not to be?
Facebook’s cryptocurrency was disclosed in June 2019 with the release of a whitepaper. The document revealed that Libra aimed to grant financial access to almost two billion unbanked people globally. The stablecoin was slated to launch in the first half of 2020.
However, things might not go as planned for the Menlo Park-based social media giant as investors might have to wait longer than intended.
In a filing presented to the U.S. SEC, the company stated that the continuous probe from governments and regulators worldwide could affect the launch date.
The company further said:
“In addition, market acceptance of such currency is subject to significant uncertainty. As such, there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all. We do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services.”
Following the announcement of Libra’s whitepaper,