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Balance currency for the group is in discussions with the EU regulators, the executive tells Reuters

FILE PICTURE: A 3D-printed Facebook Scale cryptocurrency’s logo is seen in front of the display and German flag on it in this picture, the 13th of September 2019. REUTERS/dado Ruvic/File Photo

GENEVA (reuters) – The Scale’s Association with the launch and management of the Facebook-led Scale cryptocurrency, has been in talks with the European Union regulators against Germany and France, the president said in one of his first public performances on the track.

“There are talks going on (with the EU laws and regulations)and we still have some work to do with all of them and the other regulatory bodies in the world,” Bertrand Perez told Reuters in an interview on Friday, during a blockchain conference to be held in Geneva, in which the association is established.

In June, Facebook, and the other members of the Libra Society, which are Number, credit card providers, visa, Mastercard, and Visa, and PayPal have announced the launch of a digital currency that is backed by a pool of real-world assets in the next year.

The proposed cryptocurrency has gained scrutiny from the authorities in Europe and in North America, France and Germany in pledging to block activity of the operations in Europe.

Perez, a senior director for payments engineering at PayPal, and before you start in on the Scale, it Can be said the association is currently focusing its efforts on the assembly, and the approach of the regulations is concerned. Progress could determine whether or not the network should start the planning in June of 2020, ” he said.

“That’s when we made the announcement back in June, that was our North Star,” Perez said, adding that a delay of one or two quarters of this year, it would not be a problem. “What is important is that we need to have in order to satisfy the regulators, and we need to make sure that they are on board with us and are completely comfortable with our solutions.”

The association is now planning to invest in operations, ” he said, including “significant” growth of the rent for the next two quarters of this year, including in compliance with, and development of new technologies.

Reporting by Brenna Hughes Neghaiwi; editing by Stephanie Nebehay and John Miller

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