On Monday as part of prepared testimony for a July 16th Senate hearing, David Marcus said that Facebook would not proceed with the launch of Facebook Libra cryptocurrency until regulatory concerns are addressed.
The Libra Association, which will manage the (Libra) Reserve, has minimal intention of competing with any sovereign currencies or entering the monetary policy arena, Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals – David Marcus, Head of Facebook Calibra
For a long time, Facebook plans to launch its cryptocurrency that would support the financial industry like PayPal, Visa, and Mastercard. But it seems that rather than support it has to gather skepticism around the world about the ability of the company to run and regulate a currency that would exist outside of many federal governments.
Even Trump had been attacking about Libra over Twitter. He said Facebook needs to seek a banking charter if it wanted to launch Libra in the U.S. One of the significant targets of Facebook was India that has also levied ban on cryptocurrency which would to some extent leave the company dead.
The Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight, because the Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority – Marcus’ testimony
While this provides us with a vivid insight into Facebook’s plan for Libra, there’s still a lot left up rumored in the air.
