Mark Zuckerberg, Chief Executive Officer of Facebook, reaffirmed his dedication to the pursuit of the social network to launch Libra cryptocurrency despite government and critics pushback. Zuckerberg Pledges To Win Over Libra’s Regulators.
Zuckerberg adamantly states that the company will persist “as long as it takes” to get regulators and others on board before launching the Libra cryptocurrency project.
Speaking during a quarterly earnings call at the end of July, the founder sought to reassure shareholders that Facebook would act responsibly with Libra’s development. The ambitious crypto project was unveiled in June as a prospective payments rail for unbanked people.
He said Facebook was working with its governing council’s “potential members,” the Libra Association, to publish its white paper previous month to tackle questions about it. “We’re committed to working with policymakers to get this right.”
Initially, the company said it expected to launch the currency in the first half of 2020, but the backlash from regulators and politicians called the schedule into question.
In reply to a question from an analyst about timing, Zuckerberg said the strategy for Libra is “to try and have a very open dialogue,” and that unlike a few years ago, when the company might have just launched a new product, today Facebook tries to detail what specific “ideas and … values we think an eventual service should have.”
“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,” Zuckerberg said, adding:
“That’s certainly what we’re planning to do with Libra. So we worked with the 27 other members of the Association to publish the white paper to put the idea out there, expecting that this is a very important and heavily regulated area and that there were going to be a lot of questions. And we’re going to have to work through that.”
Marcus, who used to serve on the Crypto Exchange Board and Libra Association Coinbase member, testified before Congress to ensure lawmakers that Facebook would not release Libra until all regulatory issues were answered. Marcus, however, stopped short of promising to completely stop development.
“We are trying to provide a safe and stable and well-regulated product, so that’s always been the strategy and we’ll continue to engage here,” Zuckerberg stated at the time.