9 Oct, 2019

Mark Zuckerberg Says They Are Going Ahead With Libra

Facebook founder, Mark Zuckerberg stated that his company would be going ahead with the launch of its cryptocurrency project, Libra, come what may. According to news portal, Business Recorder, Zuckerberg fielded questions on an earnings call, saying Facebook had publicly released details to invite the kinds of queries and open dialogue currently taking place.

This news comes in the wake of the recent US Congress hearings, which were held to determine if Libra posed any danger to the financial stability of the United States of America. Recently, Facebook had said that it would not proceed with the launch of its Libra cryptocurrency until regulatory concerns are addressed. We had reported that David Marcus, who oversees Facebook’s blockchain efforts, had planned to tell the US Congress that Libra is not being built to compete with traditional currencies or interfere with the existing financial policy.

At the time, Marcus was quoted to have been saying, “The Libra Association, which will manage the (Libra) Reserve, has no intention of competing with any sovereign currencies or entering the monetary policy arena. Monetary policy is properly the province of central banks.”

“Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals,” he had added.

However, yesterday, the social media founder had said, “Facebook from a few years ago would have probably just showed up and tried to release a product on our own.” Currently, however it will remain in the incubation stage ‘outlining ideas’ and allow “a period of however long it takes” to get feedback and figure out the best path forward, he explained.

He further said, “That’s certainly what we’re planning to do with Libra. We are trying to provide a safe and stable and well-regulated product; that’s always been the strategy and we’ll continue to engage here.”