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Facebook’s Libra might not see the light of day after all

  • Libra faces more challenges than just the regulations.
  • Facebook admits to not having experience in both crypto and blockchain.

Facebook has been diligent enough to warn the investors in both Libra, the digital currency and Calibra the technology that there is a chance that Libra will never launch. The social media behemoth took both the crypto and regulation landscape by storm during the release of the project’s white paper in June.

The United States regulators and lawmakers felt poked by the potential power Facebook could have if Libra launched without proper regulations. Other regulators around the world also raised concerns regarding Facebook’s ability to protect user privacy based on its shaky track record tainted by regulatory violations.

Read alsoRipple’s Brad Garlinghouse on Facebook’s Libra – “We don't need a new fiat currency"

Mid-July Facebook sent a representative, David Marcus to US lawmakers in both the Senate and the Congress. Marcus promised that Facebook intends to comply with the regulations and will not launch Libra until all concerns are cleared. Despite the regulatory hurdles, Facebook told its investors during its quarterly report there are a lot more challenges than just regulations.

“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,” as reported by CNBC.

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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