Mark Zuckerberg: Facebook Inc. must on board regulators before Libra’s launch

The chief executive officer of Facebook Mark Zuckerberg is convinced that Libra will launch. He adds that the social media giant is prepared to spend “however long it takes” to bring regulators on board the Libra project bandwagon.

Zuckerberg was speaking during a quarterly earnings call on July 24. He assured investors that the company intended to be responsible with the crypto project. He also said that the Libra Association was “committed to working with policymakers to get this right.”

“We’ve opened a period of, however long it takes to address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is,” Zuckerberg said.

A tentative launch date had been chosen for the first quarter of 2020 but due to the regulatory pushbacks, there might be a delay.

He added:

“So we worked with the 27 other members of the Association to publish the white paper to put the idea out there, expecting that this is a very important and heavily regulated area and that there were going to be a lot of questions. And we’re going to have to work through that.”

Zuckerberg was speaking in the same spirit as the head of Calibra David Marcus who appeared before the Senate and the Congress in the United to answer questions regarding Libra. Marcus had told the lawmakers that Facebook was going ensure that they comply with the existing regulations before the launch.

Zuckerberg said in conclusion:

“We are trying to provide a safe and stable and well-regulated product, so that’s always been the strategy and we’ll continue to engage here.”