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Facebook firm in its quest to launch Libra cryptocurrency

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Facebook chief Mark Zuckerberg (pictured May 2019)

Facebook chief executive Mark Zuckerberg on Wednesday reaffirmed his commitment to the social network’s quest to launch Libra cryptocurrency despite pushback from governments and critics.

Facebook last month unveiled plans for Libra in an announcement that sparked fears of the unintended consequences of a loosely supervised global currency.

Switzerland’s financial watchdog FINMA has already pledged to conduct oversight of the Geneva-based Libra Association that will watch over the digital money, which is expected to debut next year.

Zuckerberg backed the Libra project while fielding questions on an earnings call, saying Facebook publicly released details to invite the kinds of queries and open dialogue currently taking place.

“Facebook from a few years ago would have probably just showed up and tried to release a product on our own,” Zuckerberg said of Libra during the call with analysts.

The California-based company’s approach regarding sensitive territory is now to outline ideas and allow “a period of however long it takes” to get feedback and figure out the best path forward, according to the Facebook chief executive.

“That’s certainly what we’re planning to do with Libra,” Zuckerberg said.

“We are trying to provide a safe and stable and well-regulated product; that’s always been the strategy and we’ll continue to engage here.”

Libra would be independent of Facebook, which will be a member in an administrative association that already has 27 companies on board.

AFP

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