Facebook CEO Mark Zuckerberg declined to elaborate on the release schedule of the Libra Project. So far, it has been Facebook’s public stance that Livra is developing with the aim of launching it next year.
However, Zuckerberg said in an interview with Nikkei on Wednesday, “We want to release it as soon as possible. I don’t want it to take many years,” he said, but he did not mention specific release dates, saying that he is now focusing on smoothly developing projects.
Since its announcement in June, Facebook’s Libra project has been under fire from regulators around the world. Concerns arose that the release of the Libra would threaten financial stability.
It is also open for the possibility of various financial crimes, including money laundering. As well as undermine monetary sovereignty of each country’s central banks by infringing on their monetary policies.
For this reason, the U.S. and French legislatures have called for a halt to the project. Japanese government also expressed its concern towards the project.
So far, development of the Libra project is underway with the aim of launching it next year. Bertrand Perez, the managing director and COO of the Libra Alliance, said recently that the launch schedule will be carried out “without any changes”. And that it will be released in the first half of next year at the earliest and by the end of next year at the latest
However, Zuckerberg was more cautious about the release schedule for Libra Project
“Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” he said. “But right now I’m really focused on making sure that we do this well.”
He also stated that Facebook is taking a more cautious approach for Libra. He described projects like Libra as a project that is “very sensitive for society”. And that his company is taking a very different approach to what they would have taken five years ago.
“Just like SMTP allowed any email provider to interoperate with other email providers, Libra can be the ‘protocol’ that will enable fast, cheap, and stable money movement across service providers, institutions, and people all around the world.”—Mark Zuckenberg.