Facebook will work ‘as long as necessary’ to gain the trust of regulators regarding Libra
Facebook co-founder and CEO Mark Zuckerberg said the company will work as long as necessary to ease regulators’ concerns about its stable currency, Libra. Zuckerberg delivered his statements during the second quarter results conference call on July 24.
During the call, Zuckerberg said that – a few years ago – Facebook would have launched a new product without notice, but now the company has changed. More precisely, he said:
“We have opened a period of time – when necessary – to address the questions of regulators and the different experts and constituents on this and then find out what is the best way forward.”
He also noted that – when Facebook was working on the white paper with the other 27 members of the Libra Association – they expected that, since finances are highly regulated, many questions about the project were going to be asked.
Zuckerberg explained that he believes they are currently working on those issues. He also promised that the company is “trying to provide a safe, stable and well-regulated product, so that has always been the strategy and we will continue to participate here.”
Finally, he noted that Facebook is working on many projects such as Instagram Shopping, Facebook Marketplace and Whatsapp Business, while Libra has simply received the most attention.
As Cointelegraph reported yesterday, Alfred F. Kelly Jr, executive director of Visa, said no company has officially joined Libra.
According to him, at this time, the 20 companies involved in the foundation have only declared their interest through a non-binding letter of intent.