Facebook to Work ‘However Long It Takes’ to Win Regulators on Libra
Facebook co-founder and CEO Mark Zuckerberg said that the company will work as long as it takes to appease regulators’ concerns over its Libra stablecoin.
Facebook co-founder and CEO Mark Zuckerberg said that the company will work as long as it takes to appease regulators’ concerns over its Libra stablecoin. Zuckerberg delivered his statements during the firms Q2 results conference call on July 24.
During the call, Zuckerberg said that — some years ago — Facebook would have just released a new product without prior warning, but now the company has changed. More precisely, he stated:
“We've opened a period of – however long it takes to address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is.”
He also noted that — when Facebook was working on the white paper with the 27 other members of the Libra Association — they expected that, since finance is heavily regulated, there were going to be a lot of questions asked about the project.
Zuckerberg explained that he thinks that they are currently working through those questions. He also promised that the firm is “trying to provide a safe and stable and well-regulated product, so that's always been the strategy and we'll continue to engage here.”
Lastly, he pointed out that Facebook is working on many projects like Instagram Shopping, Facebook Marketplace, and Whatsapp Business, while Libra has simply garnered the most attention.
As Cointelegraph reported yesterday, Alfred F. Kelly Jr., the CEO of Visa, said that no companies have officially joined Libra. According to him, at this stage, the 20-some companies involved with the foundation have only declared interest via a nonbinding letter of intent.