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Facebook and the mountain

Facebook’s Libra currency: what could possibly go wrong?

12 February 2020

The most important crypto announcement of 2019 was Facebook’s assertion that it will launch its Libra global currency and financial infrastructure project in June 2020. This date is now looking increasingly unfeasible after a number of headwinds. It’s still on track to launch sometime this year, though, said an optimistic board member of the Libra Association in December. But the company may have underestimated the amount of red tape it will have to deal with, possibly in every jurisdiction in which it operates.

Said board member, Patrick Ellis, told Reuters that talks are ‘progressing’ with regulators in Europe, the US and South East Asia, but declined to provide details. These concerns will probably involve what kind of anti-money laundering controls are in place, as well as all the other standards that apply to normal banks.

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