Facebook warns investors that Libra may never see the light of day

Facebook reminded investors in its latest quarterly report that while it expects to launch its Libra digital currency in 2020, a number of factors could keep that from happening.

In the risk factors section of the report, Facebook said it recognizes the significance of the pushback that’s come from lawmakers and regulators since the project was announced in June.

“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue,” Facebook said in its filing with the Securities and Exchange Commission.

In addition, market acceptance of such currency is subject to significant uncertainty. As such, there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all. We do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services.

David Marcus, who is spearheading the development of Libra and the Calibra digital wallet project at Facebook, has said the currency will be “a more efficient, low-cost and secure alternative” payment tool for people who can’t afford to transfer money using traditional methods.

Since disclosing plans for Libra and Calibra last month, the company has faced criticism from public officials in the U.S. and abroad.

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Source: Facebook warns investors that Libra may never see the light of day