David Marcus, the official, leading Facebook’s charge to launch Libra has said that their timeline for releasing the cryptocurrency has not changed despite the regulatory hurdles facing the project which was announced in June.
In a recent interview with Swiss newspaper NZZ, Marcus reportedly said,
“The goal is still to launch Libra next year. Until then, we’ll need to address all questions adequately, create a suitable regulatory environment.”
Marcus also took the opportunity to address concerns expressed by global regulators that allow Facebook the right to issue currency would interfere with sovereign monetary policy and thus destabilize the financial system.
According to him, Facebook’s issuance of Libra will not interfere with monetary policy since the project will not create new money, that could then influence interest rates or yields.
The new currency, as Facebook mentioned in the Libra whitepaper, will be backed by the sovereign money of different countries as well as other real-world assets such as short-term government securities.
Meanwhile, David Marcus confirmed that the release of the Calibra wallet, which gives access to Libra would initially be made available to their customers who live in countries where regulators approve of it.
He also shared his thoughts on Libra’s path to mainstream adoption, saying that user acceptance may eventually turn on to be a more challenging hurdle for the cryptocurrency, more than the current regulatory matters.
The cryptocurrency’s expected use case according to Marcus is for “cross-border payments or for settling very small sums,” in contrast to adoption for micropayments in countries like Switzerland, Germany or France.