July 18, 2019

Facebook’s Crypto Woes Deepen as Mnuchin Joins Parade of Critics

From: Bloomberg

  • Treasury Secretary says he has serious concerns about coin
  • Facebook executive says crypto won’t launch without approvals

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Marcus said the token won’t launch until regulatory questions are fully addressed and he added that Facebook will get “appropriate approvals.” He said the coin isn’t isn’t intended to compete with countries’ sovereign currencies and won’t interfere with central banks on monetary policy.

“The time between now and launch is designed to be an open process and subject to regulatory oversight and review,” Marcus wrote. “We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.”

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