News

Facebook’s Scale is a 2020 launch, the plan is still unclear: member of the board

FILE IMAGE: Representations of virtual currency are to be displayed on the front of the monitor the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo

LONDON (Reuters) – Facebook, the Scale of the project does not have any solid strategy yet for how or when it will be introduced next year, and is a member of the board of directors of the institution and the oversight of the hotly-anticipated cryptocurrency, told Reuters on Thursday.

The scope of the roll-out of the balance due to be launched in June, will depend on the discussions with the authorities, said Patrick Ellis, one of the five members of the board of the Geneva-based Scale Society that is the problem, and its application in the digital currency.

At this stage, there is no strategy set in stone before the market or the product, or how it will actually get rolled out,” Ellis said in a phone interview from Singapore.

In the context of the Scale it is being used by Facebook ‘ s (FB.(O) to almost 2.4 billion users, has drawn scrutiny from governments across the world, high-strung, it may alter the global financial landscape.

The monitor was unveiled by Facebook in the month of June. The officials of the implementation of the project, including the head, is said to have statutory obstacles to that, the launch has been postponed.

“It’s just too early to have a solid strategy in place,” Ellis said. “We still have so much to be solved by the regulatory authorities are in a position to then refine the strategy for the launch.”

In the US, Federal Reserve Governor Lael Brainard launched the latest broadside against the Scale on Wednesday, saying it faced “a core set of legal and regulatory challenges,” and that the concept of the “stablecoin” has remained unproven.

Report by Tom Wilson; Editing by Marc Jones, and Edmund Blair

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular