Facebook Cautions Investors That Its Libra Cryptocurrency Might Not Launch

Back in June, Facebook announced their plans for their own cryptocurrency called Libra. However, given the apprehension surrounding cryptocurrency and also Facebook’s recent data and privacy related scandals, there were some who called on Facebook not to proceed with its launch.

This was due to a myriad of concerns, one of which was that cryptocurrencies could be used to fund terrorism and other illegal activities. Facebook has stated in the past that they will not launch Libra until it is ready, but now it seems that the company is taking a more cautious approach and have cautioned investors that it might not even launch at all.

In a filing made with the Securities and Exchange Commission, Facebook wrote, “Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue.” The company adds, “In addition, market acceptance of such currency is subject to significant uncertainty. As such, there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all.”

Last we heard, Facebook had intended to launch Libra in the first half of 2020, so there’s still a chance that could happen, but as Facebook has warned, things could change that could affect its launch from now until then.

Tyler Lee
Categories: General
Tags: cryptocurrency, Facebook