Facebook’s Libra to launch in 2020

Image for post
Image for post

Bertrand Perez, director general of the Libra Association, the non-profit organisation behind Facebook’s digital currency, gave an interview to French news magazine Les Echos on 12th September, saying that the token should appear in the second half of 2020. He also claimed that he company is committed to launching it and clearing regulatory hurdles.

Significantly, as Cointelegraph reports, the comments came on the same day that France’s economy and finance minister said the country would refuse to allow Libra to operate within its borders. It appears that France’s finance minister Bruno Le Maire wishes to create a hostile European Union policy towards Libra.

Perez, however, remarked that Facebook does not wish to create new supplies of money via the Libra token, and drew comparisons with BlackRock, the world’s largest asset manager, saying Facebook did not want to compete in that market. He said, “That’s why these concerns about the destabilizing effect our reserve currency could have on central banks’ fiat currencies — which figure in our basket — seem unfounded to us.”

Perez also confirmed Libra, upon launch, would be tied to a selection of major world currencies, but notably not the Chinese yuan, as per recent reports that speculated it wouldn’t tie itself to China’s currency.

On Libra’s regulatory issues, Perez was keen to play these down and asserted that all the regulatory difficulties could be solved by the launch, saying, “The year we’ve taken prior to release will allow us to iron out all the problems.”

Written by

A blockchain platform that will take banking to another level https://www.lendo.sg

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store