While Facebook’s Libra project has a ton of press behind it, there’s still so much that can happen before the stablecoin’s launch next year. In fact, the social media giant claims that their cryptocurrency may not even launch, reports CNBC.
A Plan, But No Guarantee
This news comes to us via Facebook’s quarterly report. Of course, the plan is for Zuckerberg’s company to launch next year, but there are a number of “risk factors” that could prevent this.
An excerpt from the report:
“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue. 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.”
This is likely referring to when the head of the Calibra cryptocurrency wallet, David Marcus, testified in front of Congress regarding the asset. Back then, he was questioned about the meaning behind Libra, why Facebook felt it was right to do, and if they would adhere to regulatory concerns before launching.
Marcus had done his best to claim that Facebook would delay launching Libra for as long as possible until they could address and adhere to every single regulatory concern out there. Does he mean this? Well, we’ve yet to see.
CNBC reached out to Facebook regarding the report, and received the following answer as a response:
“We know that the journey to launching Libra will be a long one and that we cannot do this alone. Engaging with regulators, policymakers, and experts is critical to Libra’s success. This was the whole reason that Facebook along with other members of the Libra Association shared our plans early.”