US regulators have been harsh on Facebook’s cryptocurrency project. This month social media giant suffered major setbacks as major backers of Libra Association pulled out from the crypto project.
CNBC reported that Zuckerberg plans to say, “While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months,” Facebook originally planned to launch the cryptocurrency next year. But as the regulatory scrutiny has tightened up, nothing can be said with certainty.
Earlier, Calibra’s head David Marcus had appeared before Congress to answer lawmakers questions about the crypto project Libra. Libra Association also held its inaugural meeting this month in Switzerland as they selected five board members.
Many crypto experts believe that it is doubtful Facebook’s crypto project would get off the ground by the end of next year.