Libra may never launch, Facebook has warned investors
The company has warned investors that the currency, which it wants to launch next year, may not ever get off the ground.
The news: In its quarterly report, Facebook reminded investors that the proposed currency, called Libra, is “based on new and unproven technology," adding that the legal environment surrounding digital currencies is “uncertain and evolving.” That could cause Libra to be delayed or even blocked, it said.
The backstory: Facebook revealed its ambitions for Libra a month and a half ago. Since then, it has faced skepticism and backlash from government bankers and politicians, who have criticized Facebook’s track record on privacy and warned that its plan to launch a private currency to billions of people could be risky.
Onward: During Facebook’s quarterly earnings call CEO Mark Zuckerberg struck an optimistic tone, affirming that the company will spend “however long it takes” to earn regulators’ approval before launching.
And a company spokesperson implied that the regulatory uncertainty around Libra and intense scrutiny of the project is part of the plan, telling CNBC: “Engaging with regulators, policymakers, and experts is critical to Libra’s success. This is the whole reason that Facebook, along with other members of the Libra Association, shared our plans early.”
Keep up with the fast-moving and sometimes baffling world of cryptocurrencies and blockchains with our weekly newsletter Chain Letter. Subscribe here. It’s free!
Keep Reading
Most Popular
Large language models can do jaw-dropping things. But nobody knows exactly why.
And that's a problem. Figuring it out is one of the biggest scientific puzzles of our time and a crucial step towards controlling more powerful future models.
OpenAI teases an amazing new generative video model called Sora
The firm is sharing Sora with a small group of safety testers but the rest of us will have to wait to learn more.
Google’s Gemini is now in everything. Here’s how you can try it out.
Gmail, Docs, and more will now come with Gemini baked in. But Europeans will have to wait before they can download the app.
This baby with a head camera helped teach an AI how kids learn language
A neural network trained on the experiences of a single young child managed to learn one of the core components of language: how to match words to the objects they represent.
Stay connected
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.