The largest social network Facebook has announced that the launch of the Libra digital currency project may be canceled due to significant pressure from regulators. It is reported by The Block, with reference to the company’s statements prepared for the US Securities and Exchange Commission (SEC).
Facebook is sure that one of the main obstacles to launching a project is legal uncertainty. The situation is aggravated by the alertness of regulators in various countries, which may cause a delay or even prevent Libra from launching.
In addition, representatives of the company noted that they do not have significant experience with cryptocurrencies and blockchain technology, which may adversely affect the ability to create in the market relevant products.
Earlier, the head of Facebook, Mark Zuckerberg, said that his company does not abandon plans to launch the Libra digital currency and will spend “as much time as it takes” to win over the regulators.