Libra Association Head: Facebook’s Crypto Stablecoin Still On Track To Be Launched By End Of 2020

The head of Libra Association, the non-profit organization behind Libra stablecoin project, has revealed that the token will be launched by the end of 2020.

Speaking with a French Media outlet Les Echos, Bertrand Perez, the chief operating director at Libra Association, indicated that the token will be released to the market in the second half of 2020.

Perez maintained that Libra was firmly on schedule and that they have been following with keen interest on the concerns raised by the regulators and other policy makers and influencers. Perez indicated that his team was fully aware of the concerns raised about money laundering as well as funding of terrorism activities and that the association will work closely with the regulators to ensure they are fully addressed.

Libra has come under sharp criticism from regulators across the world and Perez’s interview cam just hours after French Finance Minister Bruno Le Maire had stated that Libra was a threat to consumers and sovereignty of governments across the world. Le Maire has urged EU member states to take a strong stance against Libra.

However, Perez explained that Libra is not going to create fresh supplies of currency through tokenization and does not understand how the stablecoin will be a threat to smooth operations of the central banks.

Perez revealed that Libra stablecoin will be pegged to a number of international currencies such as U.S. dollar (USD), the euro (EUR), Japanese Yen (JPY), British pound (GBP) as well as the Singapore dollar (GBP). He however clarified that the stablecoin will not be tied to the Chinese Yuan.

Cointelegraph reports that China is in the final stages of its own digital currency that will rival the Libra. However, central bank senior officials have been lamenting on the exclusion of Yuan by Libra. The Block reports that earlier this week Virginia Senator Mark Warner cautioned that China may pressure Libra to add Yuan in the stablecoin plans. Warner urged Facebook not to give in and completely exclude Yuan from assets backing Libra.

The Libra project was revealed in mid-June and the crypto’s goal is to serve the unbanked as well as enhance low cost funds transfer in the world.

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Author: Joseph Kibe

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