It is no longer news that Facebook’s attempt to launch the Libra currency in partnership with a consortium of tech companies has met multiple regulatory oppositions, include a hearing before the U.S Congress.
Today too, the Libra Association continues on the path to obtaining the requisite regulatory approval with the Financial Times reporting Sunday that the consortium will meet with regulators in Switzerland, the country where they have chosen to incorporate
Specifically, the Libra Association will meet in Basel, the Bank of International Settlements’ (BIS) Committee on Payments and Market Infrastructure, which comprises of 28 senior officials representing member central banks.
Benoît Coeuré, a member of the European Central Bank’s (ECB) Executive Board, has reportedly been selected to chair the meeting and was quick to remind the Libra Association that “the bar for regulatory approval will be very high” if they wish to operate in the EU.
The Association on its part welcomed the opportunity to dialogue with EU regulators and is quoted in the report as saying,
“We welcome this engagement and have deliberately designed a long launch runway to have these conversations, educate stakeholders, and incorporate their feedback in our design.”
It is worthy of note that the Libra Association is having a ‘bar’ target to reach, as per the official means the project still has a chance of going live at least in the EU despite industry-wide suggestions that regulators will not allow the big tech firms operated currency.
The only setback might be that the Libra Association fails to meet the earlier 2020 proposed launch date and perhaps settle for a new timeline after its ongoing regulatory ravel.