Facebook has been under constant regulatory scrutiny since it announced the launch of its digital currency Libra. But now the social media giant is looking to change its course. Facebook has also spent a lot of money on lobbyists to go ahead with the crypto project.
Facebook to delay the launch of Libra by several months
According to The Information report, Facebook would delay the roll out of its digital currency Libra by several months. Facebook’s crypto wallet Calibra that was supposed to launch this summer will be rolled out in October, according to the report. Calibra wallet will also support other major cryptocurrencies apart from Libra.
Regulatory concerns around Facebook’s crypto project
Facebook has said that they are hopeful for the launch of cryptocurrency Libra by the end of this year. The crypto project by the social media giant has faced a lot of criticism from regulatory authorities around the world. One of the reasons why Facebook faced so much heat from regulators is because of the social media company’s track record with users’ data. Facebook is known to collect users’ data and then make profits off it.
Several members of the Libra Association left the project since the announcement mainly because of regulatory concerns. Facebook has several times said that they would not go ahead with the project without satisfying regulators.