Facebook admitted the possibility of refusal to launch the Libra cryptocurrency
Representatives of the social network Facebook said that the cryptocurrency project they are developing may be canceled. The reason is the “significant” regulatory pressure that the company had to face after the announcement of its initiative..
“There is no guarantee that Libra or its related products and services will be available in a timely manner or at all,” writes The Block, citing Facebook’s Q2 financials for the US Securities and Exchange Commission (SEC).
“Uncertain and evolving” legislation in the cryptocurrency space, complemented by regulatory investigations in various jurisdictions, could force Facebook to “delay or stop” the launch of Libra, the publication said..
The company also notes that it does not have “significant” experience with cryptocurrencies and blockchain, which, in turn, may “negatively” affect its ability to develop and market such products..
“In addition, we will incur increased costs in connection with participation in the Libra Association, development and promotion of related products and services. Our investments may be ineffective. Any of these events could negatively affect our business, reputation or financial performance, “the company concludes..
Facebook CEO Mark Zuckerberg said last week that they were ready for a lot of regulatory questions when they announced their cryptocurrency project..
FT: Facebook Negotiates CFTC on Its Cryptocurrency Project Facebook Negotiates with US Commodity Futures Trading Commission…
The Central Bank of Brazil allowed the possibility of launching a national digital currency by 2022 President of the Central Bank of Brazil Roberto Campos Neto on Wednesday…
Commissioner Who Allowed Bitcoin ETF Approval Will Leave the SEC in Autumn The only Democratic representative on the Commissioner…
Facebook has allowed ads related to blockchain and crypto-events Social network Facebook has once again revised its rules…
Facebook may raise up to $ 1 billion in venture capital to secure its stablecoin New York Times journalist Nathaniel Popper citing…