Facebook’s Libra is hanging by a thread as governments are against the launch of the token while Facebook is still going strong as they try to clear the regulatory hurdles. Recently, the non-profit organization that is backing up Facebook’s token came ahead with a statement.
Director general of the Libra association, Bertrand Perez made the statement that the token will go live in the market by the second half of 2020. Currently, they are trying to clear the regulatory restrictions and getting approval from the SEC for its launch.
This statement was received after France’s finance minister said that the launch of Libra would cause harm to the monetary policies of the country, so they refuse to allow it to operate within its borders. Perez further compared Libra with BlackRock, the world’s largest asset manager, by saying that they don’t wish to create new supplies of money with the help of the token.
Perez further disclosed the facts that once Libra is launched; it will be connected to many major world currencies except the Chinese yuan. The Chinese government is building their bank-operated digital currency, and they are already worried about the launch of Libra. On the other hand, Perez is quite confident that all the regulatory difficulties faced by Libra will be cleared and solved soon.
France has also decided not to impose a tax on any transactions that take place between cryptocurrencies.