Libra Lacks Strategic Plan for 2020 Launch, Says Board Member


Ever since Facebook announced earlier this year that it was going to launch its own cryptocurrency, Libra, the token has been met with a lot of skepticism. Leading regulators at some of the world’s central banks, as well as United States President Donald Trump, have criticized different aspects of Libra.

Major Details

In a new development, one of the board members of the Libra Association, Patrick Ellis, has stated that there is still no plan with regards to the launch of the token. He added that the association is not sure how or when the token is going to be launched.

Ellis revealed this new piece of information about Libra’s launch (or lack thereof) during the course of a telephone interview from his location in Singapore. He said, “At this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out.”

Considering the fact that the latest update has come from someone from inside the association, it is another setback for the entire project. The token is supposed to be a form of stablecoin, and regulators have raised concerns about Libra since it could undermine regulated fiat currencies.

On the other hand, the sheer scope of Libra has been well documented due to the sheer number of users that Facebook can leverage once it is launched. The social media platform boasts of a user base of 2.4 billion globally, and that gives the Libra token a potentially huge customer base.

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However, some experts also raised questions about the privacy of users who buy and use the Libra token in light of the slew of privacy issues that have plagued Facebook over the past few years. While Ellis said that he was not sure about its launch, he did categorically state that Libra is going to be eventually launched. He is just not sure about the timeline.

Featured image: DepositPhotos ©

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