The launch of Libra's cryptocurrency from Facebook may fail due to the pressure of the regulators

Facebook Corporation presented to the US Securities and Exchange Commission (SEC) a report on the results of activities in the second quarter of this year, where they noted that their own cryptocurrency of the Libra social network will not be launched in the near future, and besides there is a possibility that this will never happen .

Facebook explains this by strong pressure on the project from regulators.

“We do not have enough previous experience in digital currency or blockchain technology , which may adversely affect our ability to successfully develop and market these products and services.

Our expenses in connection with participation in the Libra Association, the development and marketing of relevant products have increased, but our investments may not be successful. All of these points may affect our business, reputation or financial results, ”the document says.

Recall last week, co-founder and head of Facebook, Mark Zuckerberg (Mark Zuckerberg) during a conference call on the results of the company in the second quarter of this year, said that he would spend so much time on resolving doubts and coordinating with Libra regulators and experts on cryptocurrency issues how much is needed for this.

Also earlier, the head of JPMorgan Chase, an American financial giant, Jamie Dimon, suggested that Facebook will spend years launching its crypto project.

Publication date 07/31/2019
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