Facebook Admits Libra May Not Launch
Ever since its inception, Facebook Libra has faced battles from all corners. Well, this is not a surprise given the reputation that the social media company has created over the years. Its track record on data privacy and protection has been under fire over the years. Facebook now are somehow convinced the cryptocurrency project may not blossom.
In the latest quarterly report, Facebook reminds its investors that Libra may stop despite plans to launch in 2020. CNBC reports that the company recognized the significant concerns by authorities and lawmakers. In the filing, SEC Facebook states that:
“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue. In addition, market acceptance of such currency is subject to significant uncertainty. As such, there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all. We do not have significant prior experience with digital currency or Blockchain technology, which may adversely affect our ability to successfully develop and market these products and services.”
The much-lauded Libra project has faced heavy scrutiny from nations across the globe. The U.S president, Donald Trump has tweeted about it himself. Some US politicians have labeled it as “shitcoin”. Furthermore, China and Russia have hinted at own central bank digital currency to curb the threat posed by US tech consortium. It has been a tough few months for the project as its lambasting has come heavy and continuous.
Earlier this month, US senators grilled David Marcus, the Libra project Lead. David maintained that the project will be efficient, cost-friendly and secure. However, Facebook admitted to practically data harvesting from transactions using Libra to bolster their advertising.
Moreover, Facebook CEO, Mark Zuckerberg has practically admitted he would be leaving the door open to address regulators, experts and constituent questions. Actually, Facebook doesn’t really have much of a choice. The giant social media company has been making headlines over all the wrong reasons. They have tarnished their own reputation on trust issues and data privacy. Will Libra survive this wave of negativity?
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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