Facebook May Refuse to launch Libra Due to Pressure Regulators

Facebook expresses concerns that it may abandon the idea of ​​launching Libra cryptocurrency due to “significant” regulatory control.

The company said this in a report for the second quarter, filed with the US Securities and Exchange Commission (SEC). In the Facebook document notes:

“There can be no guarantee that Libra or our associated products and services will be presented in a timely manner or will be launched at all.”

“Uncertain and changing” laws and regulations regarding cryptocurrency and investigations by regulators around the world can “delay or prevent” the launch of Libra, Facebook said.

The company noted that it does not have significant experience with cryptocurrencies and blockchain, and this may adversely affect its ability to successfully develop and market such products.

“We will incur increased costs due to our participation in the Libra Association, as well as the development and marketing of related products and services, and our investments may be unsuccessful. Any of these events can negatively affect our business, reputation or financial results, ”the report says Facebook.

Facebook fears are understandable – since the announcement
Libra launch plans, regulators around the world are showing concern about the project and propose various measures for enhanced control. Only in the US Congress over the past month has passed two hearings on Libra.

Last week, Mark Zuckerberg said that Libra would be launched only after solving all the issues with regulators, which have already accumulated a lot. Recently, UK legislators have expressed
doubts about the privacy of libra. Other regulators call for additional study of the project and state that Libra should be subject to strict regulation.