Facebook’s Libra facing off ‘core’ regulatory challenges before launch


by   |  VIEW 181
Facebook’s Libra facing off ‘core’ regulatory challenges before launch

On Wednesday, the 16th of October 2019, adding further strains over the Facebook’s digital currency, Libra, US Federal Reserve Governor, Lael Brainard, 57, a democrat alongside a former Harvard University scholar, said that the Menlo Park, CA-based Silicon Valley tech conglomerate, Facebook Inc.’s latest effort to instrument a digital currency into the mainstream financial system had to overcome a “core set of legal and regulatory challenges” before it could legally perform a transaction.

Nonetheless, as Brainard’s comment came forth over Facebook’s digital currency, Libra, controlled by a Basel-based Geneva Association, a Facebook Inc. spokeswoman had issued a public statement earlier on Wednesday (October 14th) saying that the Facebook Inc.

management had been extremely optimistic to launch its digital currency by mid-2020 despite a flurry of legal obstacles and criticisms from financial policymakers all over the world. However, casting further caustic clouds over prospects of Facebook Inc.’s digital currency, Libra, the Governor of Federal Reserve, Brainard added in her Wednesday’s speech that the Central Banks’ attempts to regulate monetary policy might have been compromised by a widespread adoption of an external digital currency, likes of Facebook Inc., given the extent of its en masse user-base.