ZURICH (Reuters) – Facebook will still be the goal for the launch of its digital Scales and currency in the next year, the board of supervisors on the project, told the Swiss newspaper NZZ, and if the company presses ahead in spite of the authorities all over the world are pouring cold water on the plan.
FILE PHOTO, the Shadow of a 3D-printed Facebook Scale cryptocurrency’s logo is seen at the close of the cryptocurrency presence in this picture, the 13th of September 2019. REUTERS/dado Ruvic
Ever since, the US-based tech company unveiled its plans in June, including its proposed cryptocurrency has complied with the laws, regulations, and political resistance, with France and Germany in pledging to block activity of the operations in Europe.
“The goal is still to launch, from the Scale of next year,” Facebook’s David Marcus, told NZZ in the interview published on Friday. “Until then, we’ll have to deal with all of the questions are adequate to make the appropriate laws, rules, and regulations.”
The social media giant’s project, which was announced as the business expands into e-commerce, it is a high-profile, attempting to drag cryptocurrencies into the mainstream.
The balance will be backed by a pool of real-world assets, including bank deposits and short-term government securities, and under the control of one of 28 members of the organization.
The structure has been designed in order to boost confidence and stabilize the volatility of the prices of which are pests of cryptocurrencies, and that makes them impractical for trade and payments.
Mark said that it was unlikely that it was a Libra man would be as a method of payment for all other real-world transactions in countries such as Switzerland, Germany or France, but rather is to be used for cross-border payments and the settlement of a very small amount.
“It is very unlikely that, in any case, the people will have to pay for an espresso in Switzerland, Germany, France, and the balance in the future,” he said. In the first instance, he added that he expected that the user acceptance is a bigger problem than the rules and regulations.
The authorities ‘ concerns tended to focus primarily on the project’s potential to destabilize the global financial system, and interfere with the operation of their monetary policy, and the harm to the privacy, and the potential for its use in money laundering.
Mark told me that he did not believe the project could interfere with the conduct of monetary policy, because it would not be the creation of a new currency, and it would have no effect on the rates of interest or rates of return.
Facebook is a Calibra a digital wallet that allows consumers and vendors to keep track of, and doing business in the digital currency, available to be placed anywhere that it will be able to comply with the statutory requirements, as Marcus said.
Facebook should not be in a position to have access to the information of the newly-formed subsidiary, Calibra, he added.
Reporting by Brenna Hughes Neghaiwi; Editing by Pravin Char