By Qamar Ul Islam
On Sep 12, 2020
A key official within the Libra association has revealed plans of the global project to be launched between the end of the first half and the end of the year 2020. The official revealed this during an interview in which he also shared opinions about Libra navigating through regulatory obstacles before the set launch period.
Bertrand Perez, General Director of the Libra Association, in an interview with Les Echos recently aired some of the latest developments around Facebook’s controversial digital currency, which has been a source of debate and controversies globally.
The interview features many interesting points, but some of the most significant are around the issues of Libra’s compliance with regulatory demands in order for Libra to see the light of day. Perez maintained that Libra association was in constant dialogues with regulators and central banks. According to Perez,
“The year we took before the launch serves to solve all these problems. In many countries, the regulatory framework for cryptos is still unclear. And we are firmly maintaining our launch schedule, between the end of the first half of the year and the end of 2020. To achieve this goal, we still have work and especially with the regulators. We are about to get our approval, as a payment system, in Switzerland. We are fully aware of the issues related to money laundering and terrorist financing, and we will work with regulators to address them.”
Further answering some of the important questions put to him about Libra, Perez maintained that Libra would not perform functions of central banks. According to Perez,
“We also assure central banks that we are not going to split: we are not going to make money creation. We are not here to do the work of the banks.”
Recently, Libra was reported to have turned to Swiss FINMA for a payment system license. This news came after a group of delegates led by Congresswoman Maxine Waters visited Switzerland in order to make sure that appropriate regulatory measures were taken before Libra could be allowed to operate. Also, Libra might not get approval for operating in Europe as the French Finance minister declared that Libra would not be allowed to operate on European soil.
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