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Facebook Acknowledges Libra May Never Be Launched

Niji Narayan

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Facebook Acknowledges Libra May Never Be Launched
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Facebook has acknowledged that its plan to launch Libra cryptocurrency may be disturbed due to regulatory scrutiny. The strong push-back from international regulators and authorities may force Facebook to delay the launch. The mixed response from the community also makes it difficult to access the potential market acceptance of such currency.

In its latest quarterly report, Facebook warned that it couldn’t guarantee Libra “will be made available on time, or at all” due to various factors.

“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue. 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,” the company said.

Libra head David Marcus promised that Libra would become a low-cost and efficient payment tool for people who did not have access to traditional means of transferring money.

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