In an interview published on Friday, David Marcus of Facebook told NZZ, “The goal is to launch Libra next year as well.” Until then, we will need to adequately address all questions, create a suitable regulatory environment.”
Libra will be backed by reserves of real-world assets, including bank deposits and short-term government securities, and will be inspected by a 28-member organization.
The purpose of the structure is to boost trust and stabilize price volatility that affects cryptocurrencies and render them impractical for commerce and payment.
Marx said that it was unlikely that the coins of the libra would become a means of payment of regular real-world transactions in countries such as Switzerland, Germany or France, but were used for cross-border payments or for settlement of very small amounts. Will be done for
“It is unlikely in any case that people will pay for espresso in Switzerland, Germany or France with Libra in the future,” he said. Initially, he said, he expected user acceptance to be a bigger problem than regulatory issues.
Authorities’ concerns center on the project’s ability to destabilize the global financial system, interfere with sovereign monetary policy, and damage privacy, as well as its ability to be used in money laundering.
Marcus said he did not believe the project would interfere with monetary policy, as it would not create any new money and would not affect interest rates or yields.
Marcus said Facebook’s Calibra digital wallet, which will allow consumers and sellers to keep and transact digital currency, will be made available everywhere it is able to meet regulatory requirements.