Libra will not launch for at least 3 years says Ripple CEO

Ripple CEO Brad Garlinghouse said that Libra would not get off the ground for at least three years. He thinks regulatory scrutiny over Facvoobk's crypto project is due to the social media giant's privacy debacle last year. Libra has been facing regulatory scrutiny from all over the world.

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Ripple CEO, Bradgarlinghouse is skeptical about Facebook’s crypto project. According to International Business Times, Garlinghouse reckons Ripple will not be launched by the end of 2022. CEO believes Facebook’s past record of handling customers’ data has come to haunt them.

In June, Facebook announced that Libra would be launched in mid-2020. But looking at the regulatory backlash, nothing can be said with certainty. Earlier, the finance minister of France said that they would not authorize the development of Facebook’s crypto project in Europe.

The intensity of regulatory scrutiny has caused Libra to implode as PayPal announced to pull out from Libra Association last week. Bloomberg also reported that some of the major partners of Libra are reconsidering their involvement with Facebook’s crypto project.

Earlier, the Wall Street Journal reported that Libra withheld information from its partners about how they plan to tackle crimes. However, the Facebook executive and head of Calibra, David Marcus, denied such claims. Yesterday, CoinFlex announced that it would offer derivatives that would allow investors to bet on the odds of whether Libra will launch by the end of December 2020 or not.

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Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

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