Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Launch of Facebook's Libra could be delayed over regulatory concerns - executive

Launch of Facebook's Libra could be delayed over regulatory concerns - executive

The launch of Facebook’s Libra could be pushed back to tackle the regulatory concerns that have been raised around the world
Three months ago, Facebook (FB.O) announced plans to launch the digital currency in June 2020, in partnership with other members of the Libra Association set up by the U.S. tech giant to manage the project. However the attempt to drag cryptocurrencies into the mainstream has since met with regulatory and political scepticism globally, with France and Germany pledging to block Libra from operating in Europe. Bertrand Perez, managing director of the Geneva-based Libra Association, said discussions were continuing with regulators from Europe and elsewhere to assuage concerns. “When we (made) the announcement in June, that was our North Star,” Perez said of the June 2020 launch date, adding that a delay of one or two quarters would not be an issue. “What is important is that we need to comply with the regulators and we need to make sure that they are on board with us and fully comfortable with our solutions.” “We knew that we would have to answer lots of questions coming from regulators on both sides of the Atlantic, and from other parts of the world,” he added in an interview at the United Nations offices in Geneva. Libra, announced as Facebook expands into e-commerce, will be backed by a reserve of real-world assets, including bank deposits and short-term government securities, and overseen by the 28-member association. The structure is intended to foster trust and stabilise the price volatility that plagues cryptocurrencies and renders them impractical for commerce and payments. Last week David Marcus, the executive leading the project at Facebook, said the company still aimed to launch the digital currency in 2020. “The goal is still to launch Libra next year,” he told Swiss newspaper NZZ. “Until then, we’ll need to address all questions adequately, create a suitable regulatory environment.” The association has thus far taken a backseat to Facebook in visibility on the project, but Perez stressed it was independent of the social media giant, which will have an equal vote as other members in the association’s decision-making. Other members of the association include Vodafone (VOD.L), PayPal (PYPL.O), Mastercard (MA.N) and Visa (V.N), and the group plans to bring more members on board in the near future, which it expects to include banks. “It’s known this project was incubated at Facebook and started at Facebook, but at an early stage, there was a decision that this should be a public good not controlled by a single entity,” added Perez, a senior director of payments engineering for PayPal before starting at Libra this May. “The Libra Association is clearly an association and not a subsidiary of Facebook.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
×