The project does not have a clear action plan.
The organizers of the digital currency project Facebook Libra have no clear plan that would say how and where it will be launched. This was reported to Reuters by a member of the board of directors who will oversee digital currency.
According to Patrick Ellis, one of the five board members of the Libra Association, which will issue and plan to manage digital currency, the scale of Libra’s introduction depends on the outcome of negotiations with regulators.
“At this stage, there is no clear strategy regarding markets or products, or how they will be implemented,” Ellis said.
The prospect that Libra will receive support from nearly 2.4 billion Facebook users is a concern for regulators around the world who fear that the new currency could radically change the global financial landscape.
Earlier, the project management said that due to obstacles from regulators, the launch, scheduled for June 2020, may be delayed. However, Ellis confirmed that the digital currency will start working next year.
As we already reported, many of the project’s initial supporters, including Mastercard and Visa, have already refused to participate in it. Now the association has 21 members. At the same time, the only international payment system among them was PayU, located in the Netherlands, in which Ellis is the main legal adviser.
To participate in the project, you need to contribute at least $ 10 million. According to Ellis, no one except Facebook has invested any money in the project. Contributions are expected to be made in the first or second quarter of next year.