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Mark Zuckerberg ready to postpone the launch of his cryptocurrency, libra

The boss of Facebook has tried to respond to criticism and questions of US officials, who are concerned that its digital currency destabilizes the sovereignty of states.

The World with AFP Posted today at 21h48

Time to Reading 1 min.

Mark Zuckerberg during his hearing in front of US officials, Wednesday, October 23. ERIN SCOTT / REUTERS

The libra will wait. Asked by US elected members of the parliamentary committee on financial services, Facebook boss Mark Zuckerberg was open to the possibility of revising his digital money project if he failed to get all the green lights needed.

“Clearly, we have not yet locked exactly how it will work”he admitted Wednesday, October 23, under the fire of criticism of elected officials. The CEO of the social media giant has answered many questions and accusations about his money project, which is expected to offer, from the current 2020, a new payment method outside the traditional banking channels, to buy goods or send money as easily as an instant message.

Article reserved for our subscribers Read also Libra: “This electronic wallet has flaws on which Facebook does not provide any guarantee at this stage”

“The goal of libra is first to build a global payment system, more than a currency”, he said. Such a system could be simply based on an existing currency, but would be much less ambitious than a new currency backed by a basket of currencies. Asked about the possibility of linking the libra only to the US dollar, Mark Zuckerberg replied that ” the community [de partenaires] was divided on this issue “. For if it would facilitate the creation of cryptocurrency from the point of view of regulators, it would be “May be less welcome in some places if it were 100% based on the dollar,” he warned.

Facebook could withdraw from the project

He has repeatedly said that the libra, run by an independent association (made up of businesses and non-profit organizations), would not be launched until all the necessary green lights from the regulators have been obtained. Several elected officials sought to know how far he was willing to go to carry out his project. “The Libra association is separate from Facebook. If I see that we can not continue in accordance with the principles I have established, then Facebook will withdraw from the project “said Mark Zuckerberg.

Libra faces criticism and even complete rejection by many governments around the world, who see it as a threat to the monetary sovereignty of states, and do not trust the world's largest social network about its ability to protect personal data.

Read also Europeans want to ban libra, Facebook's digital currency

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