Facebook has warned its investors that its Libra stablecoin may never be released, CNBC reports on July 29.
Engaging with regulator “critical to Libra’s success”
told its investors in its latest quarterly report that — while the firm
expects to launch Libra next year — some factors could prevent its
release. Iin the risk factors section of the document, the company
admits that it recognizes the significance of the pushback shown by
regulators towards Libra.
CNBC also reported that a Facebook spokesperson told the outlet on Monday that:
“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.”
Libra piques criticism and interest
As Cointelegraph reported
earlier this month, Alexander Lipton, a connection science fellow at
the Massachusetts Institute of Technology and adjunct professor of
mathematics at New York University, has claimed that Libra’s white paper
copied concepts for a coin proposed in his academic work.
Also, earlier this month online brokerage Monex Group Inc., owner of the hacked Japanese crypto exchange Coincheck, announced
that the company plans to join the Facebook Libra cryptocurrency
project and had filed an application to join the Libra Association.
