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Facebook’s Scale is not a solid plan for a start – member of the board

LONDON (Reuters) – Facebook’s (FB.D) Scale of project does not have a set plan yet on how or when it will be launched in the next year, and is a member of the board of directors, who oversee the cryptocurrency, told Reuters on Thursday.

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

The range of the Scale of the implementation, as a result of the end of 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.

It is the expectation of the Scales are becoming more and more of a grip on Facebook, it is almost 2.4 billion users, has raised concerns among regulatory agencies all over the world, who are afraid that it could radically alter the global financial landscape.

Officials in the execution of the project, and is co-author with David Marcus of Facebook, is said to have statutory obstacles could be seen that the launch be delayed until after the planned June start date.

Asked whether the cryptocurrency would be to start in the year 2020, Ellis said, “Yes.” Yes, it will be launched.”

The regulators have expressed their concern about that Balance potential harm to the countries, not being able to control their monetary policy, and the disruption of the financial stability of the world.

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

The balance will be backed by a pool of assets, such as bank deposits and government debt, is held by a network administrator. The structure has been designed in order to promote trust and avoid the price fluctuations that plague other cryptocurrencies.

Brainard remarks highlight the challenges of Scale.

“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.”

The conversation between the monitor and the regulators in Europe and the United States of america and south-east Asia were progressing, Ellis said. He refused to provide details on the Scale, take the necessary steps to deal with the regulators to ensure this.

Some of Facebook’s original investors, including visa, Mastercard, and Visa, ditched the project in October this year.

Based In the netherlands, PayU, one of which the Victim has been general counsel to the company, it is the only remaining cross-border payments company, under the association’s 21 members.

All of the members contribute a minimum of $10 million or more, in order to be a part of the monitor network.

Apart from Facebook, no one at this moment in time, had contributed money to the project, Ellis said. Contributions will be well on your way to start in the first or second quarter of next year, ” he said.

Report by Tom Wilson; Editing by Marc Jones/The tony Blair/by Jane Merriman

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