- Ripple CEO Brad Garlinghouse Doubts the Visibility OF Libra Launching In The Next Three Years
- Regulatory Issues Cited As Major Concern For Setback
Recently, Ripple chief Brad Garlinghouse stated his opinion on the launching of Facebook’s Libra. He shared his in an interview with Fortune’s balancing the Ledger. Garlinghouse believes that regulatory matters will prevent Facebook from launching its cryptocurrency Libra for now.
When asked if he was positive about Facebook’s capability to launch Libra its cryptocurrency as earlier announced at the beginning of the year, he replied “No” and further stated, “Do I think they have the technical competency to do that? Sure; I think the regulatory headwinds they’re facing… are substantial.”
Although Garlinghouse is not having any of what Facebook has to say, he still stands on his words, believing that at least 3 years from now, the cryptocurrency will not launch. Facebook has promised to address any issues and concerns from both Government and private bodies when they arise. The team is still standing on the currency being released as previously planned.
Regulatory Issues Cited As Major Concern For Setback
Still, on his stance, Garlinghouse stated “If I were a betting man, I would take an Augur bet… I think there’s a time-based element on Augur as well, so I’ll say… the end of 2022, I think Libra will not have launched.” His stance is based on the several issues the Government has identified with Facebook globally over the plan to have its digital currency.
Amidst all these doubts, the Facebook executive is positive and confident about the release of the digital currency. Last week the team released the roadmap of the plan, with developers optimistic as progress was already been made on Libra’s switch from testnet to mainnet.
XRP (XRP) Price Today – XRP / USD
Following the doubt in the mind of investors, Paypal one of the network’s potential $10 million node operatives, confirm they are were backing out of their financial support due to their concerning about likely regulatory issues. The company stated, “PayPal has decided to forgo further participation in the Libra association at this time, we remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future.”
Garlinghouse thinks the regulatory issues arose because the regulators seem to perceive Libra as a Facebook Project. He further commented, “I think maybe it would have been better received if Facebook had not been the point of the arrow.”
The concerns were first brought up by Germany’s Finance Minister, he believes money issuance should be left in the hands of the state.