Facebook Set on 2020 Launch for Libra, Despite Regulators’ Pushback
Marie Huillet's original article for cointelegraph.com reduced by 57%
David Marcus, the head of Calibra at Facebook, has said that a 2020 launch for Libra remains the company's goal, despite regulators' intense hostility toward the project. In an interview with Swiss newspaper NZZ on Sept. 20, he said that in the intervening time, the team behind Libra would need to address all concerns adequately and to create a suitable regulatory environment.
"I see Libra facing greater user acceptance problems than regulatory ones". "Each Libra is deposited one-to-one with traditional currencies and no new money is created. There is no impact on interest and yields.
In this sense, the Libra reserve cannot disturb monetary policy either. In any case, it is unlikely that users will pay for an espresso with Libra in the future. Instead, they will use it where it offers benefits, such as international payments or for micro-payments." By contrast, the executive said he anticipated the digital coin would initially "See acceptance problems rather than regulatory ones," noting that consumers would need some time to properly grasp what they can use Libra for.
In response, he claimed that Facebook will not be able to access data from Calibra and underscored that the social network's data and that of the Libra payments network would remain strictly separate. At a dinner with senators, the CEO is reported to have fielded specific questions in regard to Libra, including whether or not Facebook would opt to initially launch outside of the United States.
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