Altcoin News: Facebook Has Allowed the Possibility of Refusing to Run Libra Cryptocurrency

July 30, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Representatives of the social network Facebook reported that the cryptocurrency project they are developing may be canceled. The reason is “significant” regulatory pressure that the company had to face after the announcement of its initiative.

“There can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all,” writes The Block, citing second-quarter reporting prepared by Facebook for the US Securities and Exchange Commission (SEC).

“Uncertain and evolving” legislation in the cryptocurrency space, supplemented by investigations by regulators in various jurisdictions, can force Facebook to “delay or impede” the launch of Libra, the publication says.

The company also notes that it does not have a “substantial” experience with cryptocurrencies and blockchain, which, in turn, may “negatively” affect its ability to develop and market such products.

“We will also incur increased costs in connection with our participation in the Libra Association and the development and marketing of associated products and services, and our investments may not be successful. Any of these events could adversely affect our business, reputation, or financial results,” the social media giant concluded.

Facebook CEO Mark Zuckerberg last week said that they were ready for a large number of regulatory questions when they announced their cryptocurrency project. As we can see — they were not.

Author: Marko Vidrih