Zuckerberg: Facebook will spend all the time it takes to convince regulators of the need for Libra

Facebook CEO Mark Zuckerberg said that the world's largest social network does not abandon plans to launch a digital currency, Libra, and will spend "as much time as it takes" to win over regulators and other interested parties.

Zuckerberg made a corresponding statement this week during a conference call with investors on Facebook, during which he tried to assure them that the company was approaching the project very seriously.

The latest events around Libra, including the two-day speeches by David Markus, head of the blockchain-Facebook subdivision to US lawmakers last week, questioned the plans of the Californian company to launch Libra in the first half of 2020.

Nevertheless, having repeated essentially the words of Marcus, Mark Zuckerberg said:

“We intend to work with them [legislators] to make things right.”

Regarding the possible delay in the launch of Libra, Zuckerberg noted that Facebook is ready “for the most open dialogue”. According to him, unlike the situation that could have been observed several years ago, when companies simply launched new products without regard for regulators, Facebook is trying to convey the ideas and values of the proposed service.

“We launched a process during which we are ready to spend all the necessary time to convince regulators and other experts and decide what would be the best solution for the way ahead, ” said Zuckerberg.

Earlier this week, it was reported that in order to help launch and eliminate regulatory issues around the Libra project, the social network Facebook gained the support of the lobbying firms Sternhell Group, Cypress Group, OB-C Group, as well as law firms BakerHostetler and Davis Polk.

Recall that last week there were hearings in the US Congress, where Calibra CEO David Marcus answered questions from US lawmakers.

Libra is not only worried about US regulators. Thus, the Facebook initiative and cryptocurrency were generally discussed at the G7 finance ministers' meeting near Paris, held on July 17. According to its results, the head of the French Ministry of Finance Bruno Le May said that regulators oppose the issue of payment instruments by private companies, if they do not assume the same obligations as the nation states.

Also recall that twice last week, US Treasury Secretary Stephen Mnuchin mentioned Bitcoin. He said that combating the use of cryptocurrency for criminal purposes is a matter of national security, and all digital asset service providers must be regulated in accordance with the FinCEN regulations and the US Bank secrecy Act.

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