Facebook is positive on Libra’s launch next year amid regulatory pushbacks

Libra's executives are positive about the launch of stablecoin by the next year. Libra's head of policy and deputy co-chair is hopeful that the EU will give the green light to the project next year.

According to the Euractiv report, Libra’s deputy co-chair and head of policy said Dante Disparte said that they are focused on the launch of stablecoin by the next year. They are positive that the EU regulators will give them the green light to go ahead with the project.

 

“We shares many concerns raised by EU regulators.”

Earlier, EU finance ministers expressed concern over the issuance of global stablecoins. EU regulators have asked to completely address risks and challenges related to global stablecoins like Libra. Libra’s executive said that they share many of the concerns raised by EU authorities. However, the co-chair added that the political sentiments towards the project are, in many respects, completely unfounded. Facebook is not the only company that has proposed a digital currency. Earlier, one of the world’s leading crypto exchange Binance revealed its crypto project, Venus.

 

Libra determined to obtain regulatory clarity by next year.

The deputy co-chair Dante Disparte confirmed that the association behind Libra is determined to obtain regulatory clearance next year. Since Facebook announced its cryptocurrency project, executives of the company have asserted that they would not go ahead with the project unless they get regulatory clearance. Dante also stated that since the beginning, they have always asked for the project to be regulated. He further argued that if they are building a 21st-century payment network, then it should be regulated in the same way.

However, the road of Libra does not look easy as regulators all around the world are proposing bans on private digital currencies.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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