This archive report was first published on 30 September 2019.
Published on September 30, 2019, the launch of Facebook's Libra cryptocurrency has been met with regulatory concerns globally. The head of the Libra Association, Bertrand Perez, has stated that discussions are ongoing with regulators to address these concerns.
Libra, a digital currency backed by a reserve of real-world assets, was initially set to launch in June 2020. However, the regulatory environment has changed since its announcement, with France and Germany pledging to block Libra from operating in Europe.
“When we made the announcement in June, that was our North Star,” Perez said of the June 2020 launch date. “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.”
The Libra Association has taken a backseat to Facebook in visibility on the project, but Perez stressed that it is independent of the social media giant. Other members of the association include Vodafone, PayPal, Mastercard, and Visa.
“It’s known this project was incubated at Facebook and started at Facebook, but at an early stage, there was a decision that this should be a public good not controlled by a single entity,” added Perez.
