Facebook Refuses To Give Up On The Libra Project

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During the Facebook’s second-quarter 2019 results conference call, Mark Zuckerberg, CEO and Co-Founder of the social media giant, discussed its plans to work for how long it takes to convince regulators and overturn their concerns towards Libra stablecoin. According to the CEO, years ago Facebook wouldn’t even bother to discuss products with regulators before launching, although now they’ve decided to change that approach with Libra: 

We’ve opened a period of – however long it takes to address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is.

According to Zuckerberg, Facebook is working on the Libra white paper with 27 members of the Libra Association in an attempt to answer as many questions as possible. As previously reported, a lot of members from the Libra Association are heavily involved in financial transactions, such as Visa and PayPal. As explained by the CEO, by being in association with companies with years of experience in the field, he expects that his project will be able to answer all the questions that may arise from governments and regulators worldwide. Additionally, he also promised to provide a safer and more stable and well-regulated product to its customers.

At last, Zuckerberg pointed out that Facebook was working on many other projects like Instagram Shopping, Facebook Marketplace, and Whatsapp Business, although Libra was the one that apparently caught the most attention. 

Visa also held its third-quarter 2019 earnings call recently, where Alfred F. Kelly Jr., the CEO of Visa, commented on the Libra Association claiming that no company had officially joined Libra, but that they only declared interest via a nonbinding letter of intent to Facebook.

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