Facebook guaranteed that Libra will be made available for public on time, it was endorsed by the company in its quarterly report. The social media company has said that it expects to launch the “Libra digital currency” in next year by 2020 despite the ongoing pressure by the international regulators, U.S. and lawmakers.
There are number of factors that could keep Libra from happening late, since the project is launched in June 2018 it’s been a topic of discussion by the lawmakers and regulators.
“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue,” Facebook said in its filing with the Securities and Exchange Commission.
The name who was associated with the Libra project at Facebook, David Marcus, who is also looking for Calibra digital wallet project, has said that the currency will be a more efficient, and low-cost plus a secure alternative as a payment tool for those people who can’t afford to transfer the money using the traditional methods.
The Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin have also raised their concerns with “Libra”, and same kind of reservations have been raised by the European Central Bank Executive Board Member Benoit Coeure and French Finance Minister Bruno Le Maire.