Facebook Libra to comply with regulations before launch; Zuckerberg

Through a recorded Q2 conference call, Mark Zuckerberg has expressed his state of readiness for Facebook Libra to comply with regulations prior to launch.

Co-founder of the most popular social networking site, Facebook, declared that the organization will do whatever it takes to acquire the green signal from the US regulators and get the coast clear for its launch.

Earlier in the month, the American Congress counteracted Facebook’s cryptocurrency development plans on the grounds of data privacy and national security threats.

The official letter also pointed out insufficient information in Libra’s whitepaper stating that the coin’s official document does not address its intent, role, and application.

Facebook will address all concerns over Libra, affirms Zuckerberg

In response to the reproval, Zuckerberg confirmed that the firm will harmonize relations to take the project forward. As per him, the firm expresses its willingness to diligently address all the concerns from experts, no matter how long it takes.

He further added that with Libra, Facebook hopes to achieve something that has never before been accomplished – providing global payments solutions to millions of people through widely popular means such as Facebook Messenger, WhatsApp or Instagram.

Zuckerberg explains why Libra is different

The visionary entrepreneur further backed his defense stating that Libra opens up myriad possibilities for the social networking giant. Besides being fully regulated, the cryptocurrency will offer safety and stability to its users.

He argued that the reason Facebook formed a consortium of large corporations was not only to endorse its coin but also study it with scrupulous attention to detail before advancing it to the regulatory officials. 

In hindsight, Facebook may have faced a backlash over Libra and its potential consequential damages, however, the fact that the project is led by one of the enterprising leaders of today speaks volumes about its potentiality.