Ripple CEO believes that Facebook Pound will take at least 3 years to circulate
The executive director of Ripple, Brad Garlinghouse, believes that the Libra Facebook project will not achieve its launch in 2020, as announced. This was stated in a video interview for Fortune on Monday, October 7.
The CEO of Ripple expressed concerns about the strong opposition from regulators, which faces the Facebook Pound project, conceived as a currency for global payments. In the opinion of the Ripple executive, the regulatory obstacles, which he described as “substantial,” will prevent Facebook from advancing the originally silver vision for Libra.
The Ripple executive even stressed that he is not optimistic that Facebook will overcome the obstacles for next year. “I would bet that Libra, say, by the end of 2022, I think Libra will not have launched,” he said, referring to a hypothetical bet on the Augur platform.
Garlinghouse said he was one of the first to greet the Facebook initiative when he announced the Libra white paper in the middle of the year. In fact, he said publicly that Facebook’s entry into the cryptocurrency industry would boost systems such as Ripple, focused on cross-border payments. However, he now believes that Facebook’s reputation for the problems of leaking user data in the past is playing against it.
“I think maybe Libra would have been better received if Facebook had not been the spearhead,” said Ripple CEO. In his opinion, the road to Libra will be uphill, by remaining under the scrutiny of several governments of the world.
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